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Things to Note for Tax Year 2014:

 

General Notes

Standard Deduction: $6200 single, $12,400 MFJ

Personal Exemption: $3950

AMT exemption: $52,800 single, $82,100 MFJ

Gift Tax Exclusion Amount for 2014 remains at $14,000

Phase out limits for itemized deductions or personal exemptions

are as follows: Phase out begins; $254,200 single, $305,050 MFJ

 

Residential Energy Credits Highlights

  • 10% of cost
  • $500 max for insulation, roofs, and doors
  • $300 max credit for air conditioners, water heaters, and biomass stoves
  • $50 max for advanced main air circulating fan
  • $200 max windows, must be energy star
  • $150 max for furnaces and boilers, must be at least 96 AFUE
  • $500 lifetime limit. If you got over $500 in energy tax credits from 2006-2013, you are not eligible for any additional credits in 2014

Limits on Pensions & IRA’s

  • Traditional and Roth IRA contribution limit is $5,500, catch up limit (over 49) is $1000
  • Simple IRA contribution limit is $12,000, catch up (over 49) limit is $2500
  • 401K, 403B, 457 contribution limit is $17,500, $5,500 catch up (over 49) limit

Mileage Rates

  • Business  – 56 cents per mile
  • Medical    – 23.5 cents per mile
  • Charity    – 14 cents per mile

Capital Gains Rates

  • Ordinary bracket 10% or less – 0% capital gains rate
  • Ordinary bracket greater than 10% – 15% capital gains rate