2014 Federal Income Tax Changes (Currently Unavailable)

Author: Paul J. Winn

Each year, various limits affecting income tax preparation and planning change. Some changes commonly occur each year as a result of inflation indexing, while others occur because of new legislation or the sunsetting of existing law.

This course will examine the tax changes that took effect in 2014 that are more significant from the perspective of an income tax preparer. Some context will be supplied, as appropriate, to assist readers in understanding the changes. In addition to these customary annual changes affecting various limits, certain other tax changes effective in 2014 that were brought about by the Patient Protection and Affordable Care Act (PPACA) will be discussed.

Publication Date: May 2014

Designed For
Practitioners involved in tax preparation.

Topics Covered

• Standard mileage rates
• Standard deduction
• Exemption amount and AMT Exemption amount
• The limits related to income from U.S. Savings Bonds for taxpayers paying higher education expenses
• Deductions for qualified long-term care insurance premiums
• Tax-free periodic payment amounts received under qualified long-term care insurance contracts
• Saver's credit
• Earned income credit
• Adoption credit
• Health Savings Account and Archer Medical Savings Accounts requirements and contribution limits
• Rother IRA eligibility
• Traditional IRA deductability for active participants in emploer-sponsored qualified plans
• Shared responsibility provision mandating insurance coverage
• Availability of individual premium tax credits
• Increased small business premium tax credits

Learning Objectives

• List the 2014 Changes
• Identify the 2014 Tax credit changes
• List the tax changes effective for 2014 brought about by the Patient Protections and Affordable Care Act

Level
Update

Instructional Method
Self-Study

NASBA Field of Study
Taxes (5 hours)

Program Prerequisites
Familiarity with tax preparation.

Advance Preparation
None.