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New Tax Numbers for 2014

IRS Release Inflation-Adjusted Amounts for 2014

Each year, certain tax benefits and rates are adjusted for inflation.  Recently, the adjustments for 2014 were announced by IRS including:
  • The deduction for personal exemptions will rise to $3,950, up from $3,900 for 2013.
  • The annual exclusion for gifts will remain at $14,000.
  • The basic estate tax exclusion per person will rise to $5,340,000, up from $5,250,000 for 2013.
  • Employee contributions to employer-sponsored healthcare flexible spending accounts (FSA) will remain at $2,500.
  • Elective deferrals to 401k plans will remain unchanged at $17,500, and the "catch-up" limit for employees aged 50 or better remains unchanged at $5,500.
  • For contributions to an IRA, the annual contribution remains unchanged at $5,500, as well as the age 50 or better catch up at $1,000.
  • Deductible contributions to a health savings account (HSA) will rise to $3,300 for individual plans and $6,550 for family plans, up from $3,250 and $6,450, respectively.  The catch-up amount for participants age 55 or better will remain unchanged at $1,000.
  • The overall contribution limit applicable to defined contribution plans (i.e., 401k, profit-sharing, etc.) will rise to $52,000, up from $51,000 for 2013.
Although not necessarily an inflation-based item, the one adjustment we have not yet received from IRS is the standard rate for automobile mileage for 2014.  That announcement should be forthcoming within the next couple weeks.

Call us today to find out how this affects you and your business!

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