IRS Release 2014 Tax Numbers

Each year the IRS adjusts certain tax numbers for inflation and tax law changes. Here are some of the adjusted numbers you’ll need for your 2014 tax planning.

* STANDARD MILEAGE RATE for business driving drops to 56¢ a mile. Rate for medical and moving mileage drops to 23.5¢ a mile. Rate for charitable driving remains at 14¢ a mile.

* SECTION 179 maximum deduction decreases to $25,000, with a phase-out threshold of $200,000. (Legislation may reinstate the 2013 deduction amount of $500,000, with a $2,000,000 purchase limit.)

* SOCIAL SECURITY taxable wage limit increases to $117,000. Retirees under full retirement age can earn up to $15,480 without losing benefits.

* KIDDIE TAX threshold remains at $2,000 and applies up to age 19 (up to age 24 for full-time students).

* NANNY TAX threshold increases to $1,900.

* HSA CONTRIBUTION limit increases to $3,300 for individuals and to $6,550 for families. An additional $1,000 may be contributed by those 55 or older.

* 401(k) maximum salary deferral remains at $17,500 ($23,000 for 50 and older).

* SIMPLE maximum salary deferral remains at $12,000 ($14,500 for 50 and older).

* IRA contribution limit remains at $5,500 ($6,500 for 50 and older).

* ESTATE TAX top rate remains at 40%, and the exemption amount increases to $5,340,000.

* The ANNUAL GIFT TAX EXCLUSION remains at $14,000.

* ADOPTION TAX CREDIT for adoption of an eligible child in 2014 is $13,190.

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