How About Tax Planning For 2014?

Most of us
end every year hopeful for (but clueless 
about) how
close
our tax
payments that year came to taxes due
for that year.

Wouldn’t it
be more comforting if you knew before 
the end of
the
year whether you will owe the IRS 
more money
or get a refund?

You (or
preferably a tax pro who is a seasoned 
expert in 
home-business tax law) can control that
situation by doing tax
planning. 

To do that,
you need some specific information:
 

Standard Deduction

  • $6,200 for Singles in 2014
  • $12,400 for Married/Jointly in 2014

Head of Household Deduction

  •  $9,100 for 2014

Personal Exemption

  • $3,950 for 2014

Annual Exclusion for Gifts

  • $14,000 for 2014

Vehicle-Use Deductions

  • $0.560 per mile for Business in 2014
  • $0.140 per mile for Charity in 2014
  • $0.235 per mile for Medical in 2014
  • $0.235 per mile for Moving in 2014
Posted in STANDARD DEDUCTIONS - Tax Planning