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.
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.
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