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The (AMTE) Alternative Minimum Tax Exemption amount is $53,900 ($83,800, for married couples filing jointly),

The personal exemption amount rises to $3,900, up from the 2012 exemption of $3,800.
Beginning in 2013, the exemption is subject to a phase-out that begins with adjusted gross incomes of $250,000 ($300,000 for married couples filing jointly). It phases out completely at $372,500 ($422,500 for married couples filing jointly.)

The IRS will now begin accepting returns for tax year 2016 on Jan. 23, 2017.

The IRS today created an optional safe harbor method for individual taxpayers to use in determining the amount of deductible expenses attributable to certain business use of a residence during the tax year.
The new optional deduction under the safe harbor is capped at $1,500 per year. This cap is based on $5 a square foot for up to a maximum of 300 square feet.
Taxpayers claiming the new safe harbor will not be allowed to depreciate the portion of their home used in a trade or business, but can claim allowable mortgage interest, real estate taxes, and casualty losses on the home as itemized deductions on Schedule A, Form 1040.
These deductions will not need to be allocated between personal and business use, as required under the regular method.
Current restrictions on the home office deduction, such as the requirement that a home office must be used regularly and exclusively for business and the limit tied to the income derived from the particular business, still apply under the new option.

The work opportunity credit allows employers a 40 % credit for qualified first-year wages paid or incurred during the tax year to individuals who are members of a targeted group of employees.
The credit had generally terminated for amounts paid or incurred for employees who began work for an employer after December 31, 2011. ATRA, extended the credit, and it now terminates for amounts paid or incurred for employees who begin work for an employer after December 31, 2013.

Taxpayers are allowed a credit for certain research expenses paid or incurred in a trade or business. Generally, the research credit is allowed for increasing research activities.
The credit had expired for amounts paid or incurred after December 31, 2011. ATRA, 301, provides that this provision now expires for amounts paid or incurred after December 31, 2013.

ATRA, extends this treatment to amounts paid or accrued before January 1, 2014 (and not properly allocable to any period after 2013).,Br> Taxpayers can treat amounts paid during the year for qualified mortgage insurance as qualified residence interest.
To qualify for this treatment, the insurance must be in connection with acquisition debt for a qualified residence, and the insurance contract must have been issued after 2006.

Elementary and secondary school teachers can deduct from gross income up to $250 of qualified expenses they paid during the year. If spouses are filing jointly and both were eligible educators, the maximum deduction on the joint return is $500. However, neither spouse can deduct more than $250 of his or her qualified expenses.
The deduction expired for tax years beginning after 2011. ATRA, extends the deduction through tax years beginning before 2014.

ATRA for 2012 allows nonrefundable personal credits to reduce the AMT.

The Social Security Administration, who made the wage base 2013 announcement (The wage base in 2013 is $113,700) also announced that people receiving social security benefits will get a cost of living adjustment (or COLA) adjustment in 2013. Social security benefits will go up 1.7% in 2013. They increased 3.6% in 2012.