February and March 2014 Tax Deadlines – IRS Tax Number Adjustments

The following are the February and March 2014 tax deadlines:

  • February 18 – Deadline for providing 2013 Forms 1099-B and 1099-S to recipients.
  • February 28 – Payers must file 2013 information returns (such as 1099s) with the IRS. (Electronic filers have until March 31 to file.)
  • February 28 – Employers must send 2013 W-2 copies to the Social Security Administration. (Electronic filers have until March 31 to file.)
  • March 3 – Farmers and fishermen who did not make 2013 estimated tax payments must file 2013 tax returns and pay taxes in full.
  • March 17 – 2013 calendar-year corporation income tax returns are due.

IRS adjusts tax numbers for 2014

Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2014 tax planning.

  • Standard mileage rate for business driving decreases to 56¢ a mile. Rate for medical and moving mileage decreases to 23.5¢ a mile. Rate for charitable driving remains at 14¢ a mile.
  • Section 179 maximum first-year expensing deduction decreases to $25,000, with a phase-out threshold of $200,000.
  • Social security taxable wage limit increases to $117,000. Retirees under full retirement age can earn up to $15,480 without losing benefits.
  • Kiddie tax threshold remains at $2,000 and applies up to age 19 (up to age 24 for full-time students).
  • Nanny tax threshold increases to $1,900.
  • Health savings account (HSA) contribution limit increases to $3,300 for individuals and to $6,550 for families. An additional $1,000 may be contributed by those 55 or older.
  • 401(k) maximum salary deferral remains at $17,500 ($23,000 for 50 and older).
  • SIMPLE maximum salary deferral remains at $12,000 ($14,500 for 50 and older).
  • IRA contribution limit remains at $5,500 ($6,500 for 50 and older).
  • Estate tax top rate remains at 40%, and the exemption amount increases to $5,340,000.
  • The annual gift tax exclusion remains at $14,000.
  • Tax credit for adopting a child is $13,190 for 2014.
  • Alternative minimum tax exemption amounts increase to $52,800 for single taxpayers and $82,100 for married couples filing a joint return.
  • Limit on transportation fringe benefit is $130 for vehicle/transit passes and $250 for qualified parking.
How can we help?

Please contact us or call: 650-344-6525.

Posted in IRS News, Tax filing deadlines, Tax Planning

Leave a Reply

*