Skip to comments.What You Need To Know About Taxes In 2014: Expired Tax Breaks, Obamacare Penalties & More
Posted on 01/07/2014 1:50:09 PM PST by Albion Wilde
Tax season opens in 26 days. And here's my big prediction: a lot of taxpayers will be taken by surprise. Despite all of those "no new taxes" type promises, tax bills are expected to edge higher for a number of taxpayers for the 2013 tax year. And 2014 holds even more surprises. Here's a quick look at what to expect:
(Excerpt) Read more at news.yahoo.com ...
A brief synopsis:
Higher income taxpayers are going to pay more Those Bush-era tax cuts have finally expired
taxpayers who are affected by the Affordable Care Act could also feel the pain
self-employed [might] get something of a break ...a new, simplified deduction for a home office
the IRS will recognize a legally married same sex couple regardless of whether the couple currently lives in a jurisdiction that recognizes same-sex marriage
new Foreign Account Tax Compliance Act (FATCA) deadlines
wait, there’s more! 55 tax breaks expired at the end of 2013, [such as] direct gifts to a qualifying charity of up to $100,000 from their individual retirement accounts (IRAs) without reporting it first as income
and more details at link.
Too bad they won’t show up this April 15th.
“the IRS will recognize a legally married same sex couple regardless of whether the couple currently lives in a jurisdiction that recognizes same-sex marriage”
I wonder if we will see deathbed marriages between grandfathers and grandson heirs to avoid the death tax and preserve family businesses.