Tax Numbers
for 2014 and 2013 – Part 2
The
numbers for 2013 in the chart below apply to your 2013 returns, and the numbers
for 2014 should be used in your 2014 tax planning.
2014 2013
Income
(AGI) phase-out for personal
exemption
and itemized deductions
*
Single Starts
at $254,200 Starts at $250,000
*
Joint returns and surviving spouses Starts
at $305,050 Starts at $300,000
*
Married filing separately Starts
at $152,525 Starts at $150,000
*
Head of household Starts
at $279,650 Starts at $275,000
Health
savings account contribution limit
*
Individual $3,300 $3,250
*
Family $6,550 $6,450
*
Additional for 55 & older $1,000 $1,000
Automobile
standard mileage rate
*
Business 56¢ 56.5¢
*
Medical/moving expense 23.5¢ 24¢
*
Charitable work 14¢ 14¢
Estate
tax top rate 40% 40%
Estate
tax exclusion $5,340,000 $5,250,000
Annual
gift tax exclusion (per donee) $14,000 $14,000
Alternative
minimum tax exemption
*
Single $52,800 $51,900
*
Married, joint $82,100 $80,800
*
Married, separate $41,050 $40,400
Section
179 deduction limit $ 25,000 $ 500,000
Section
179 purchase limit $ 200,000 $2,000,000
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