- Personal exemption increased to $3,950 (for each person in the household)
- Lifetime learning credit (education credit) is available for those making up to $54,000 ( $108,000 for MFJ)
- Retirement savings contribution credit increases for those making less than $30,000 ($60,000 for MFJ; $45,000 for HOH)
- Earned Income Credit (EIC) is available if:
1. 3 or more children live with you and your earned income is less than $46,997 ($52,427 for MFJ)
2. 2 children lived with you and your earned income is less than $43,756 ($49,186 for MFJ)
3. 1 child lived with you and your earned income is less than $38,511 ($43,941 for MFJ)
4. A child did not live with you and you earned less than $14,590 ($20,020 for MFJ)
Other provisions
- Standard mileage rate deductions for 2014 are:
1. .56 for business miles
2. .235 for medical care miles
3. .140 for charitable miles
Health Care Coverage news
- When you file your 2014 tax return in 2015, you will have to do the following:
1. indicate on your return you and your family had health care coverage throughout 2014; or,
2. claim an exemption from the health care coverage requirement for some or all of 2014; or,
3. make a payment if you do not have coverage or an exemption for all 12 months of 2014.
You may be eligible for a Premium Tax Credit if you purchased heath care insurance through the Health Insurance Marketplace. For more information on this credit, go to: http://www.irs.gov/pub5120
Contact LFC to arrange a time to review your 2014 tax situtation: info@lfconinc.com
Or schedule your appointment here: Scheduling Calender
