Key Tax Incentives Restored for 2014
Congress approved a tax extenders bill which restores many key tax breaks for 2014. Included in the tax legislation is an extension of the $500,000 Section 179 annual limit and the continuation of 50% bonus depreciation for 2014.
Copies of IRS Tax Returns Available Online
The IRS has a new service available on its website which allows taxpayers to download and have immediate access to their previously filed tax returns.
IRS Inflation Adjustments for 2014 (Effective: Jan 01, 2014)
Every year, the IRS makes adjustments to tax brackets, the standard deduction amount, and certain tax credits and exemptions to take into account inflation.
IRS Announces 2014 Standard Mileage Rates (Effective: Jan 01, 2014)
The Internal Revenue Service announced the 2014 optional standard mileage rate for calculating the deductible costs of operating an automobile for business purposes.
Employer Mandate Under the Affordable Care Act Delayed For Second Time (Effective: Feb 11, 2014)
The employer mandate under the Affordable Care Act has been delayed for a second time for certain employers.