What New in 2014?
Here's a quick review of some of the tax changes you'll see from 2014 to 2015 as a result of inflation adjustments and tax law changes. 2015 items are based on the 2014 extender bill provisions. Subsequent legislation may change these numbers. For details or a discussion of these and other changes that could affect your situation, give us a call.
|
Provision
|
2014
|
2015
|
|
Business equipment expensing deduction
|
$500,000
|
$500,000
|
|
Total purchase limit for full expensing deduction
|
$2 million
|
$2 million
|
|
Standard mileage rate for business driving
|
56¢ per mile
|
57.5¢ per mile
|
| Mileage rate for medical and moving expense deductions |
23.5¢ per mile
|
23¢ per mile
|
| Mileage rate for charitable activity driving |
14¢ per mile
|
14¢ per mile
|
| Adoption credit |
$13,190
|
$13,400
|
| Maximum wages subject to social security tax |
$117,000
|
$118,500
|
| Social security earnings limit |
|
|
| - Below full retirement age |
$14,160
|
$14,160
|
| - Full retirement age |
No limit
|
No limit
|
| Top estate tax rate |
40 %
|
40 %
|
| Amount exempt from estate tax |
$5.34 million
|
Indexed
|
| Annual gift tax exclusion (per donee) |
$14,000
|
$14,000
|
| Alternative minimum tax exemption | ||
| - Single |
$52,800
|
$52,800*
|
| - Married, joint |
$82,100
|
$82,100*
|
| - Married, separate |
$41,050
|
$41,050*
|
| Maximum retirement plan contributions |
|
|
| - IRA for those under age 50 |
$5,500
|
$5,500
|
| - IRA for those 50 and over |
$6,500
|
$6,500
|
| - SIMPLE plan for those under age 50 |
$12,000
|
$12,000
|
| - SIMPLE plan for those 50 and over |
$14,500
|
$14,500
|
| - 401(k) plan for those under age 50 |
$17,500
|
$17,500
|
| - 401(k) plan for those 50 and over |
$23,000
|
$23,000
|
| "Kiddie tax" threshold |
$2,000
|
$2,100
|
| "Nanny tax" threshold |
$1,900
|
$1,900
|
| Personal exemption |
$3,950
|
$4,000
|
| Standard deduction |
|
|
| - Single |
$6,200
|
$6,100 |
| - Joint returns & surviving spouses |
$12,400
|
$12,200
|
| - Married filing separately |
$6,200
|
$6,100
|
| - Head of household |
$9,100
|
$8,9500
|
| - Additional for elderly or blind (married) |
$1,200
|
$1,250
|
|
- Additional for elderly or blind (single)
|
$1,500
|
$1,550
|
*- 2015 Amounts will be indexed for inflation |
||
2015 Filing Deadlines
| Deadline | Filing Required |
| January 15, 2015 | Due date for the fourth installment of 2014 individual estimated tax. |
| January 31 | Employers must furnish W-2 statements to employees. 1099 information statements must be furnished by payers. (1099-B deadline is February 15.) |
| January 31 | Employers must file 2014 federal unemployment tax returns and pay any tax due. |
| February 15 | Brokers must furnish Form 1099-B and consolidated statements to customers. |
| February 28 | Payers must file information returns (such as 1099s) with the IRS. (Deadline if filing electronically is March 31.) |
| February 28 | Employers must send W-2 copies to the Social Security Administration. (Deadline if filing electronically is March 31.) |
| March 1 | Farmers and fishermen who did not make 2014 estimated tax payments must file 2014 tax returns and pay taxes in full. |
| March 15 | 2014 calendar-year corporation income tax returns are due. |
| April 15 | Individual income tax returns for 2014 are due. |
| April 15 | 2014 partnership returns are due. |
| April 15 | 2014 annual gift tax returns are due. |
| April 15 | Deadline for making 2014 IRA contributions. |
| April 15 | First installment of 2015 individual estimated tax is due. |
| June 15 | Second installment of 2015 individual estimated tax is due. |
| September 15 | Third installment of 2015 individual estimated tax is due. |
| September 15 | Deadline for filing 2014 calendar-year corporation tax returns with extensions of the March 15 filing deadline. |
| September 15 | Deadline for filing 2014 partnership returns with extensions of the April 15 filing deadline. |
| October 15 | Deadline for filing your 2014 individual tax return if you received an extension of the April 15 deadline. |
|
January 15, 2016
|
Fourth installment of 2015 individual estimated tax is due.
|