January 8, 2014
WAGES
SOCIAL SECURITY taxable wage limit increases from 2013
limit of $113,700 to $117,000 for 2014. Retirees under
full retirement age can earn up to $15,480 without
losing benefits.
RETIREMENT ACCOUNTS
401(k) MAXIMUM salary deferral remains at $17,500 for 2014. The catch-up limit for 50 and older also remains unchanged at $5,500.
SIMPLE maximum deferral remains at $12,000 for 2014.
The catch-up limit for 50 and older also remains unchanged at $2,500.
IRA CONTRIBUTION limit remains at $5,500 for 2014
($6,500 for 50 and older).
OTHER KEY NUMBERS:
HSA CONTRIBUTION limit increases for 2014 to $3,300
for individuals and to $6,550 for families.
KIDDIE TAX threshold for 2014 remains at $2,000.
NANNY TAX threshold increases from the 2013 level of
$1,800 to $1,900 for 2014.
AMT EXEMPTIONS for 2014 are $52,800 for singles,
$82,100 for couples, and $41,050 for married couples
filing separately.
ANNUAL GIFT TAX EXCLUSION remains at $14,000.
ESTATE TAX EXEMPTION increases from the 2013 amount of $5,250,000 to $5,340,000 for 2014.
The new budget bill passed by Congress on December 20, 2019 impacted both retirement and college savings plans. While many are still waiting for further guidance from the IRS on several details of the bill, we compiled a short list of the major changes that may affect you.
It’s that time of year when everyone can agree on one thing: Paying taxes is a drag. As we progress into a new tax season, follow these tips to help avoid a heavy tax burden this year:
Okay, so maybe not magical…but there are things you can do to rev up engagement in your meetings. After all, it’s likely that you spend at least 25 percent of your professional time in meetings, so why not put a little work into making them more appealing for all those involved. To get you started, give the following five tips a try:
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