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2014 Updates

 

 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.