IRS 2014 Tax Changes – Part 5
What Hasn’t Changed in 2014 As annualized inflation has been tame, the IRS has left some yearly limits and thresholds unaltered for 2014. Here is a list of key unchanged items:
IRS 2014 Tax Changes – Part 4
Tax Changes Regarding COLAs for 2014 Our fourth part of the IRS 2014 Tax Changes series is dedicated to the changes regarding the Cost of Living Allowance (COLA). The first 3 articles of this IRS Tax Changes series focused of Tax changes related to the Health Care Reform, to Businesses and to Individuals and Households.
IRS 2014 Tax Changes – Part 3
Tax Changes Affecting Individuals & Households While the IRS made tax changes related to the Health Care Reform and to Businesses, these changes are also affecting Individuals and Households. The main changes concern mortgages, fees and tuitions, educator expense, the standard mileage rate among others. 12) Two major mortgage-related tax breaks are gone. Underwater homeowners…
IRS 2014 Tax Changes – Part 2
Tax Changes Affecting Businesses As you may have read in our first IRS 2014 Tax Changes article, the IRS made tax changes related to the Health Care Reform. In the second part of our IRS 2014 Tax Changes series, we will focus on tax changes related to businesses. The changes brought by the IRS are…
IRS 2014 Tax Changes – Part 1
Tax Changes Related to Health Care Reform 2014 has brought a few changes and alterations to taxes, especially as it relates to health care reforms. Indeed, the Affordable Care Act has prompted a few significant changes. Additionally, a host of tax provisions created during the recession expired at the end of last year. Some were…
IRS 2014 Tax Changes: Introducing our Four Part Series
2014 has brought a few changes and alterations to taxes for 2014. In addition, the 2013 federal government shutdown affected the start of the 2014 tax season. The first area affected by the IRS tax changes is health care. In particular, everything related to health care reforms. Indeed, the Affordable Care Act has prompted a…
IRS BULLETIN: Claiming Income The Right Way… Or Else!
When filing your taxes, you must report all your incomes on your federal income tax return. However because of some exceptions, some of it is not taxable. Most people are confused about the difference in what is taxable and what actually falls under the IRS’ exceptions. In fact, according to the IRS, all income is…
Depreciation for Rental Properties – What You Need to Know
One of the benefits of owning rental properties is the ability to take a depreciation expense deduction on your income tax return. But what is depreciation? And how is it calculated? And what will my benefit be? Depreciation is used to recover the cost of your rental property through yearly tax deductions. You will do…
How to Spend a Tax Refund?
So, you just received that great big refund check from the IRS. What should you do with the money? Well, the first thing to think about is that it is really a refund of YOUR money – you did not just get a windfall from the Government. Once you deposit that money into your bank…