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.
According to the commission's online claims process, those whose personal information was exposed can opt for 10 years of free credit monitoring, which breaks down as follows: Four years via the three major credit bureaus (Equifax, Experian and TransUnion) and six years specifically through Equifax.
With all the tax law changes this year, be sure that you are getting your just deductions in the coming tax season. That is, qualifying deductions that fall under the Child and Dependent Care Credit. According to tax giant and trusted resource Intuit, here’s the skinny…
These days, we seem to have endless articles on IT security while traveling, but far fewer on physical safety. Because summer can be big travel months for many businesses, we put together the following list of tips to help keep you safe while away from home.