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 few significant changes. 6 major changes have been made; you can find them in the first part of our IRS 2014 Tax Changes article series.
The second area where changes were made is taxes related to businesses. The changes brought by the IRS are indeed affecting businesses through different aspects such as bonus depreciation, tax credits, gratuities and carpooling. Learn more about these changes in the second part of our IRS 2014 Tax Changes article series.
In addition, these changes are also affecting Individuals and Households. The main changes concern mortgages, fees and tuitions, educator expense, the standard mileage rate among others. Find out more about these changes in the third part of our IRS 2014 Tax Changes article series.
Finally, our fourth part of the IRS 2014 Tax Changes series is dedicated to the changes regarding the Cost of Living Allowance (COLA). Learn more in our fourth and last article regarding the matter.
If you have any questions concerning any of these tax changes made by the IRS in 2014, contact ABIP today! One of our tax experts will be able to assist you.