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Accounting Services, Inc.

2014 Tax Guide

This is to serve as a basic and preliminary tax guide. We will be adding more information as legislative developments may affect exemption and dividend amounts. For individualized information contact your tax expert today.

 

Standard Deductions

Married Filing Joint Return

Surviving Spouse

Head of Household

Unmarried (not SS or HH)

Married, Filing Seperately

Dependent Standard Deduction (Minimum)

Add Amount for Blindness or Age

Add Amount  if Unmarried and Not SS

$ 12,400

$ 12,400

$   9,100

$   6,200

$   6,200

$   1,000

$   1,200

$   1,550

 

Itemized Deductions

Non-business Casualty Loss (AGI Threshold)

Medical Deduction (AGI Threshold)

Misc. Itemized Deduction (AGI Threshold)

Phaseout of Itemized Deductions

10%

10%

2%

N/A

 

Exemptions

Personal and Dependent Amount

Phaseout of Exemptions

$   3,950

N/A

 

Education Provisions

American Opportunity (Modified Hope) Grant

Lifetime Learnign Credit

Student Loan Interest Deduction

Coverdell Education Savings Account Contribution

US Savings Bond Interest Exclusion (Phaseout Starts)

–             Married, Filling Joint

–             Single, SS or HH

$    2,500

$    2,000

$    2,500

$    2,000

 

 

$ 113,950

$ 76,000

 

 

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