With the mid-term elections behind us and the end of the year approaching, the IRS is working to gear up for the upcoming tax season. As part of this process, they’ve released several updates for limitations, write-offs and expected filing dates. We expect to see more as the end of the year gets closer, but here are a few of the highlights so far. This will be one of at least two posts on the subject.
- Standard Deduction:
- $12,600 Married Filing Jointly (MFJ)
- $6,300 Single
- $9,250 Head of Household (HOH)
- $6,200 Married Filing Separately (MFS)
- Roth IRA Phaseouts – income at which ability to use a Roth IRA is reduced or eliminated:
- $183,000 to $193,000 MFJ
- $116,000 to $131,000 HOH
- $0 and $10,000 MFS
- Section 179 expensing (unless renewed by congress)
- $25,000 of deduction for equipment placed in service in 2014
- Dollar for dollar phaseout of deduction starts at $200,000 of equipment purchases, if purchases are over $225,000, no deduction is allowed
More to come as we near the end of the year.