Take Note - Don't Miss Out
- IRS will open the 2014 filing season on January 31, a 10-day delay due to the October government shutdown.
- January 31 is the deadline for employers to provide 2013 W-2s to employees.
- Payers must furnish payees with Form 1099s by January 31. The deadline for providing Form 1099-B to customers is February 18.
- January 31 is the deadline for employers to file annual federal unemployment tax returns.
If you paid a household worker more than $1,800 in 2013, you may have payroll tax obligations under the "nanny tax" rules.
IRS sets the standard mileage rate for business driving at 56 cents a mile for 2014.
The mileage rate for 2014 driving for medical or moving reasons is set at 23.5 cents a mile.
The mileage rate for charitable driving in 2014 remains at 14 cents a mile.
Section 179 expensing limit for 2014 drops to $25,000, with a phase-out threshold of $200,000.
The taxable wage base for social security increases to $117,000 for 2014.
Retirees under full retirement age can earn up to $15,480 in 2014 without losing any social security benefits.
The kiddie tax threshold remains at $2,000 for 2014 and applies up to age 19 (up to age 24 for full-time students).
The nanny tax threshold increases to $1,900 for 2014.
The health savings account contribution limit for 2014 is $3,300 for individuals and $6,550 for families ($1,000 more for 55 or older).
401(k) maximum salary deferral for 2014 is $17,500 ($23,000 for those 50 or older).
SIMPLE maximum salary deferral for 2014 is $12,000 ($14,500 for those 50 or older).
IRA contribution limit for 2014 is $5,500 ($6,500 for those 50 or older).
The top estate tax rate for 2014 is 40%, and the exemption for 2014 increases to $5,340,000.
The annual gift tax exclusion for 2014 is $14,000.
The tax credit for the adoption of an eligible child in 2014 is $13,190.
Singles with 2014 income over $254,200 ($305,050 for married) will have their personal exemptions and itemized deductions phased out.
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