Beginning on Jan. 1, 2014, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56 cents per mile for business miles driven 23.5 cents per mile driven for medical or moving purposes 14 cents per mile driven in service of charitable organizations
While the American Taxpayer Relief Act of 2012 (ATRA) may be largely a misnomer, a few provisions are beneficial to taxpayers. One such provision is the extension through this year of the qualified charitable distribution (QCD). This provision permits an IRA holder who is age 70½ or older to make a distribution from his or her IRA account directly to a public charity and exclude the distribution from gross income.
Small-business owners need to consider five tax regulations and credits that they should evaluate before the end of the year. 1. The Small Business Tax Credit.
The IRS announced the official 2014 inflation-adjusted amounts for health savings accounts (HSAs). These limits include the maximum annual HSA contribution amount, the minimum annual deductible for a high-deductible health plan (HDHP) and the maximum annual out-of-pocket (OOP) expense limits for an HDHP. The maximum annual OOP expense limits in 2014 for an HSA-qualifying HDHP (i.e., $6,350 self-only/$12,700 family) are the same amounts applying to 2014 OOP expense limits for all non-grandfathere...
Recently the Internal Revenue Service (IRS) announced that due to the 16-day government shutdown, they will begin processing tax returns one- to two-weeks later than planned. The original start date was Jan. 21, 2014.
401(k), 403(b) and profit-sharing plan elective deferrals in 2014 will remain at $17,500; the catch-up contribution limit will stay at $5,500. The annual defined contribution limit from all sources will rise to $52,000 from $51,000. The amount of employee compensation that can be considered in calculating contributions to defined contribution plans will increase to $260,000 from $255,000.
One of the impacts from the fiscal cliff legislation to be felt by high-income earners is the reintroduction of the Pease limitation, reduces the amount of itemized deductions that certain taxpayers are allowed. While the American Taxpayer Relief Act of 2012 reduced the impact of the Pease Limitation, it is still around, and it can greatly limit itemized deductions like mortgage interest and charitable gifts. The infamous Pease limitation was first incorporated into the Omnibus Budget Reco...
The social security wage base which taxes for old age, survivors, and disability insurance (OASDI) will increase from $113,700 to $117,000 in 2014. The new rate means employees will pay a maximum of $7,254 of OASDI in 2014, with employers paying an equal amount. The Medicare hospital insurance (HI) portion of the tax, which is also paid by employers and employees, has no wage limit.
The U.S. Internal Revenue Service warned about a growing tax scam in which fraudsters display an IRS phone number on the intended victim's caller ID and demand money. Particularly targeting recent U.S.
Beginning in 2013, taxpayers that meet certain investment income thresholds will be subject to an additional 3.8 percent surtax, enacted as part of the Health Care and Education Reconciliation Act of 2010. Also known as the Medicare surtax, it will apply to all taxpayers whose income exceeds a certain threshold amount. This new surtax will, in essence, raise the marginal income tax rate for affected taxpayers.
