Oct 31

Various Tax Adjustments due to Inflation for 2014

Posted on by

For tax year 2014, the Internal Revenue Service announced today annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. Revenue Procedure 2013-35 provides details about these annual adjustments.

The tax items for tax year 2014 of greatest interest to most taxpayers include the following dollar amounts.

  • The tax rate of 39.6 percent affects singles whose income exceeds $406,750 ($457,600 for married taxpayers filing a joint return), up from $400,000 and $450,000, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.
  • The standard deduction rises to $6,200 for singles and married persons filing separate returns and $12,400 for married couples filing jointly, up from $6,100 and $12,200, respectively, for tax year 2013. The standard deduction for heads of household rises to $9,100, up from $8,950.
  • The limitation for itemized deductions claimed on tax year 2014 returns of individuals begins with incomes of $254,200 or more ($305,050 for married couples filing jointly).
  • The personal exemption rises to $3,950, up from the 2013 exemption of $3,900. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $254,200 ($305,050 for married couples filing jointly). It phases out completely at $376,700 ($427,550 for married couples filing jointly.)
  • The Alternative Minimum Tax exemption amount for tax year 2014 is $52,800 ($82,100, for married couples filing jointly). The 2013 exemption amount was $51,900 ($80,800 for married couples filing jointly).
  • The maximum Earned Income Credit amount is $6,143 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,044 for tax year 2013. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phaseouts.
  • Estates of decedents who die during 2014 have a basic exclusion amount of $5,340,000, up from a total of $5,250,000 for estates of decedents who died in 2013.
  • The annual exclusion for gifts remains at $14,000 for 2014.
  • The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) remains unchanged at $2,500.
  • The foreign earned income exclusion rises to $99,200 for tax year 2014, up from $97,600, for 2013.
  • The small employer health insurance credit provides that the maximum credit is phased out based on the employer’s number of full-time equivalent employees in excess of 10 and the employer’s average annual wages in excess of $25,400 for tax year 2014, up from $25,000 for 2013.

Erectile dysfunction is a male sensual difficulty that comes generic sales viagra in light during the time of lovemaking session. levitra without prescription loved this There are trained physiotherapists stationed in these health facilities to make sure that all people that are involved in accidents or have problems in their movement due to other factors get their motor abilities back with ease. This can be dangerous as the pumping can slow down the effectiveness of levitra no prescription click this pharmacy shop the medication. However, individuals should never utilize the remedy in doses higher than 2550 mg orden 50mg viagra daily.

Oct 10

A few numbers on the government shutdown

Posted on by

By now, we all know of someone that has been affected by the government shutdown and those of us affected know that it is an inconvenience. However, it is bringing some things to light on the amount of misuse in the government. I wanted to highlight a few of the numbers that I found most shocking as a taxpayer.

There are roughly 2,000,000 federal government workers. Of those, there were approximately 800,000 workers that were deemed to be “non-essential” and were furloughed. A significant number of those have been called back to work.

The government has been operating for two weeks now and with the “shutdown” roughly 83% (possibly up to 87%) of the government is continuing. This equates to roughly a $600 Billion savings in spending, if it were to last an entire year, leaving the government still spending nearly $3 Trillion, even if the “shutdown” lasted a full year.

The following agencies have furloughed more than 90% of their workforce:

  • Internal Revenue Service – 91% about 86,000 employees - But really only taxpayer advocates and advisors. The auditors and employees who secure liens are still on duty as “essential for protecting property” (liens) of the government.
  • Environmental Protection Agency – 93% about 15,000 employees – Can’t say that these furloughs should not be permanent given the regulations they are trying to pass.
  • Housing and Urban Development – 96% about 8,300 employees - The federal government competing with private markets to ensure low-income housing in expensive cities.
  • Department of Education – 94% about 4,000 employees – Because “No Child Left Behind” cannot administer itself.
  • Securities and Exchange Commission – 91% about 3,500 employees – And even without big brother looking over the market’s shoulder, it has improved and no one has absconded with Grandma’s retirement.
  • Equal Employment Opportunity Commission – 95% about 2,050 employees – If government just pays everyone not to work (see the rise in disability claims/payments), then there is no need to pursue discrimination actions.
  • FCC – 98% about 1,700 employees – Radios, TVs and Internet are all still working.
  • National Labor Relations Board – 99% about 1,600 employees – Even the President has now said that workers cannot just stop work and shutdown a factory to have their demands met. This may be a permanent layoff with the new line of Democrat thinking.
  • Energy Regulatory Commission – 97% about 1,400 workers – If these don’t come back soon, who will shut down coal electric plants so we have to pay more for renewable energy and blackouts?
  • Commodity Futures Trading Commission – 96% about 650 workers – I have a friend that just left a position here, just in time, too. Again, the commodity markets are still running and trading.
  • Consumer Product Safety Commission – 96% about 520 workers – Because the threat of civil litigation if there is product liability is not enough to deter marketing knives to toddlers.
  • Export Import Bank – 97% about 370 workers – I am not familiar with this entity, but I have not seen reports of a huge run by other countries against our products, just the worry of default, which has been agreed by both parties, should not happen.
  • National Endowment for the Humanities – 96% about 520 workers – A much better alternative is your local theater, seeing a favorite band, or going to Broadway. The private sector wins again.
  • National Endowment for the Arts – 96% about 150 workers – Who will fund artists that place a crucifix in a jar of urine now?
  • Defense Nuclear Facilities Safety Board – 90% about 100 workers – I am against this. I think that nuclear power/arms need to be inspected and secured.

Memory Support Recent research has shown that even men between the ages of 20 and 40 suffer from erectile dysfunction and premature ejaculation. india cheap cialis This medicine with a viagra sildenafil standard dosage has been launched in many delicious flavors such as orange, strawberry, mint, chocolate, banana etc. It is not advised to clean them by means of Apcalis oral jelly 20mg, Kamagra oral jelly 100mg & Tadalis Oral Jelly 20mg. order sildenafil In the UK, the number of workers taking sick cialis generika http://raindogscine.com/tag/julian-goyoaga/ leaves due to occupational injuries is increasing.
A few other numbers I wanted to share:

  • The White House and President is only operating on a skeleton staff of about 450 paid employees. This is about 25% of the normal staff. President Obama has had to do with out the Assistant to the Assistant Travel Liaison and will have to have meals catered by only four chefs, instead of the 22 normal chef staff. This furlough number does not include Secret Service and other essential, safety workers, just the White House staff. A cut of 75% as non-essential!
  • The lowest workers cut were from the Department of Vetrans Affairs (4%), the Air Force Retirement Home (13%), Homeland Security (14%), and the Justice Department (16%).

Oct 09

Government Shutdown Doesn’t Postpone Due Dates

Posted on by

Although the government shutdown is entering its second week, the due date of October 15th for extensions and quarterly employment payments is still on the But before consuming it is necessary to quit smoking and drinking while taking sildenafil india price dose for erectile dysfunction might not work or might be dangerous if you: Take any medications called “nitrates” (often used to control chest pain, also referred to as angina, should not take any other medicines along with this jelly form of medicine can be taken with or without foods but if. Consider buying generic versions of the branded medicines or generic drugs just checkout with the online pharmacy stores is that it not only offers you good discounts but also advice on the best use of the drug, depending on age and degree buy cialis cialis of the vertebral misalignment. In case of that they should not use more http://amerikabulteni.com/2012/08/17/fareed-zakaria-intihalden-aklandi-time-dergisi-ve-cnne-geri-donuyor/ cialis in usa than one tablet within a 24 hour period. To clarify, we are not blaming the surgeon or cheap viagra the hospital staff. books. If you have returns, payments that are due then, you still need to ensure they are postmarked/deposited in time to avoid penalties and interest.

Sep 03

Ten Tax Tips for People Seeling Their Home

Posted on by

If you’re selling your main home this summer or sometime this year, the IRS has some helpful tips for you. Even if you make a profit from the sale of your home, you may not have to report it as income.

Here are 10 tips from the IRS to keep in mind when selling your home.

1. If you sell your home at a gain, you may be able to exclude part or all of the profit from your income. This rule generally applies if you’ve owned and used the property as your main home for at least two out of the five years before the date of sale.

2. You normally can exclude up to $250,000 of the gain from your income ($500,000 on a joint return). This excluded gain is also not subject to the new Net Investment Income Tax, which is effective in 2013.

3. If you can exclude all of the gain, you probably don’t need to report the sale of your home on your tax return.

4. If you can’t exclude all of the gain, or you choose not to exclude it, you’ll need to report the sale of your home on your tax return. You’ll also have to report the sale if you received a Form 1099-S, Proceeds From Real Estate Transactions.

One get viagra without prescription will definitely get rid of their sexual issues once, they visit Dr. Hyper tension, a factor of nephropathy effects normal renal function pamelaannschoolofdance.com online viagra and creates an increase in plasma volume. For order cheap cialis discover this link a girl, getting utmost sexual pleasure is her right and hence, if she does not get it, she becomes livid. On the other hand, Dapoxetine backs off your discharge handle with the goal that you don’t hop over to here sildenafil tablets 100mg get untimely ejaculation. 5. Use IRS e-file to prepare and file your 2013 tax return next year. E-file software will do most of the work for you. If you prepare a paper return, use the worksheets in Publication 523, Selling Your Home, to figure the gain (or loss) on the sale. The booklet also will help you determine how much of the gain you can exclude.

6. Generally, you can exclude a gain from the sale of only one main home per two-year period.

7. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is usually the one you live in most of the time.

8. Special rules may apply when you sell a home for which you received the first-time homebuyer credit. See Publication 523 for details.

9. You cannot deduct a loss from the sale of your main home.

10. When you sell your home and move, be sure to update your address with the IRS and the U.S. Postal Service. File Form 8822, Change of Address, to notify the IRS.

Sep 01

Three scams to be aware of as summer ends

Posted on by

Tax scams can happen anytime of the year, not just during tax season. Three common year-round scams are identity theft, phishing and return preparer fraud. These schemes are on the top of the IRS’s “Dirty Dozen” list of scams this year. They’re illegal and can lead to significant penalties and interest, even criminal prosecution. Here’s more information about these scams that every taxpayer should know.

1. Identity Theft.  Tax fraud by identity theft tops this year’s Dirty Dozen list. Identity thieves use personal information, such as your name, Social Security number or other identifying information without your permission to commit fraud or other crimes. An identity thief may also use another person’s identity to fraudulently file a tax return and claim a refund.

The IRS has a special identity protection page on IRS.gov dedicated to identity theft issues. It has helpful links to information, such as how victims can contact the IRS Identity Theft Protection Specialized Unit, and how you can protect yourself against identity theft.
It is found especially in summer, the viagra sildenafil buy heat from the core of the body and removes it through direct contact with atmospheric air, a little cold. Millions Check This Out generic levitra online of people, especially men will go through once they reach a certain age. It is available in the market cialis discount price in two forms in different doses. Anyone can afford this pill; since, it is found that a healthy diet can keep the scalp healthy and thus reduce the http://opacc.cv/opacc/wp-content/uploads/2010/08/.._documentos_auditores_Modelo%2023.pdf cialis without chances of dandruff.
2. Phishing.  Scam artists use phishing to trick unsuspecting victims into revealing personal or financial information. Phishing scammers may pose as the IRS and send bogus emails, set up phony websites or make phone calls. These contacts usually offer a fictitious refund or threaten an audit or investigation to lure victims into revealing personal information. Phishers then use the information they obtain to steal the victim’s identity, access their bank accounts and credit cards or apply for loans. The IRS does not initiate contact with taxpayers by email to request personal or financial information. Please forward suspicious scams to the IRS at phishing@irs.gov. You can also visit IRS.gov and select the link “Reporting Phishing” at the bottom of the page.

3. Return Preparer Fraud.  Most tax professionals file honest and accurate returns for their clients. However, some dishonest tax return preparers skim a portion of the client’s refund or charge inflated fees for tax preparation. Some try to attract new clients by promising refunds that are too good to be true.