The 2014 Tax filing deadline is fast approaching, this article will explain the significant income tax changes you may not be aware of. This discussion
will include changes to Social Security and Medicare, federal income tax
standard deductions and exemptions, mileage deduction rates, earned income
credits, Hope and Lifetime Learning tax credits, in addition to changes to
retirement accounts such as the 401(k), 403(b), IRAs, and Roth plans.
Note: Changes that apply to the 2015 tax year can be
found in this article: Income
Tax Changes 2015 - 2016.
Federal Income Tax Filing Deadline
The filing deadline for the year 2014 is Wednesday April 15,
2015. Information appearing in this article applies to changes effective
in 2014, which then become part of a taxpayer's return in 2015.
Income Tax Rates
The American Taxpayer Relief Act of 2012, or ATRA, added a
seventh federal
income tax bracket (39.6%) in 2013, while the remaining six rates were
unchanged. In 2014, taxable incomes above the following thresholds now
fall into the 39.6% bracket: Married Filing Separately ($228,800),
Unmarried Individuals ($406,750), Head of Household ($432,200), and Married
Filing Joint Returns ($457,600).
To view other changes to the standard deductions, capital gains, social security, medicare, mileage, earned income and more list please visit: http://www.money-zine.com/financial-planning/tax-shelter/income-tax-changes-2014/
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