Certain tax numbers are adjusted by the IRS for inflation each year. Here are some of the 2014 tax numbers you’ll need to use as you get started with this year’s tax planning.
- The standard mileage rate for business driving decreases to 56 cents per mile for 2014. The rate for medical and moving mileage decreases from 24 cents per mile to 23.5 cents per mile. The general rate for charitable driving remains at 14 cents per mile.
- The maximum earnings subject to social security tax in 2014 increases to $117,000. The earnings limit for those under full retirement age is $15,480. For those at full retirement age, there is no earnings limit atorvastatin 10 mg. See the Social Security Administration’s website for a definition of “full retirement age”.
- The “nanny tax” threshold increases to $1,900 for 2014. If you pay household workers more than this amount during the year, you’re responsible for payroll taxes.
- The “kiddie tax” threshold for 2014 remains unchanged at $2,000. If your child under age 19 (under age 24 for students) has more than $2,000 of unearned income this year (e.g., dividends and interest income), the excess could be taxed at your highest
See our next post for more IRS limits adjustments.