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In 2014, personal exemptions and
standard deductions will rise and tax brackets
will widen due to inflation.
By law, the dollar amounts for a
variety of tax provisions, affecting virtually
every taxpayer, must be revised each year to
keep pace with inflation. New dollar amounts
affecting 2014 returns, filed by most taxpayers
in April 2015, include the following:
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The value of each personal and
dependent exemption, available
to most taxpayers, is $3,950, up
$50 from 2013.
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The new standard deduction is
$12,400 for married couples
filing a joint return, up $200,
$6,200 for singles and married
individuals filing separately,
up $100, and $9,100 for heads of
household, also up $150. The
additional standard deduction
for blind people and senior
citizens is $1,200 for married
individuals and $1,550 for
singles and heads of household.
Nearly two out of three
taxpayers take the standard
deduction, rather than itemizing
deductions such as mortgage
interest, charitable
contributions and state and
local taxes.
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Tax-bracket thresholds increase
for each filing status. For a
married couple filing a joint
return, for example, the
taxable-income threshold
separating the 15-percent
bracket from the 25-percent
bracket is $73,800, up from
$72,500 in 2013.
We'll be glad to help with all of your
tax planning needs in 2014. Give us a call
today!
1255
West 15th Street, Suite 810, Plano, TX 75075
Phone: 972.943.0600
I Fax: 972.767.2626
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