Important Changes These will be covered in more depth in the appropriate lesson: - Standard Deduction - Exemption Amount - Standard Business-related Mileage.

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Tax Law Changes Standard Deduction Single $6,350 - $12,000
© 2014 Cengage Learning. All Rights Reserved.
© 2014 Cengage Learning. All Rights Reserved.
Presentation transcript:

Important Changes These will be covered in more depth in the appropriate lesson: - Standard Deduction - Exemption Amount - Standard Business-related Mileage Rate - Medical and Move-related Mileage Rate - Charitable-related Mileage Rate - Charitable Contributions

Important Changes Earned Income Credit (EIC): - EIC maximum credits for tax year Maximum income a taxpayer can earn to qualify for EIC - Investment income limitations - Nontaxable Combat Pay Election Extended

EITC Assistant EITC Assistant: online tool for determining EITC eligibility. in English and Spanish. at 24 hours a day 7 days a week.

Important Changes Other Changes –Child Tax Credit –Maximum Social Security Wages –Education Credits –Investment Income of Minor Children –Self-Employment Tax –IRAs and Other Retirement Plans

Important Changes Other Changes –Combat Pay & Individual Retirement Plans –Residential Energy Credits –Alternative Motor Vehicle Credit –Qualified Electric Vehicle Credit –Refund of Long-Distance Telephone Tax –Split Refund Pending Legislation