November 11, 2013
The IRS has just released a number of inflation adjusted amount for 2014:
Net unearned income on a child’s return subject to "kiddie tax” remains at $1,000
Annual exclusion for gifts remains at $14,000
Foreign earned income exclusion goes from $97,600 to $99,200
Limitations for eligible long-term care premiums and Medical Savings Accounts (MSAs) have been updated:
For individuals, a high-deductible health plan is defined as a health plan with an annual deductible not less than $2,200 and not more than $3,250
For family coverage, the deductible is $4,350 and $6,550
The annual limit on out-of-pocket expenses, other than premiums has also been adjusted to $4,350 for self-only coverage and $8,000 for family coverage
Retirement Plan contributions remain unchanged from 2013 limit amounts:
The Elective Deferral (Contribution) limit for 401k Plans remains $17,500 for those under age 50; $23,000 for those turning age 50 or older in 2014.
The Traditional and Roth IRA annual contribution limit remains $5,500 for those under age 50; $6,500 for those turning age 50 or older in 2014.
The Simple IRA Elective Deferral (Contribution) limit remains $12,000 for those under age 50; $14,500 for those turning age 50 or older in 2014.
This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.