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Cope with new 1040 tax changes

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in Small Business Tax

Another year, another series of changes on your federal tax return.

Strategy: Be prepared to deal with several new entries relating to the Patient Protection and Affordable Care Act (PPACA), as well as a host of annual adjustments.  

Here are some of the key developments on new Form 1040 for the 2014 tax year. (Note: Other special rules may apply to farmers.)

Line 21, Other income. The maximum exclusion for employer-provided adoption assistance for 2014 is $12,190 per qualified child.

Line 26, Moving expenses. The standard mileage rate for moving expenses in 2014 is 23.5 cents per mile.

Line 32, IRA deduction. A taxpayer covered by a retirement plan may claim an IRA contribution deduction for 2014 if modified adjusted gross income (MAGI) is less than $70,000 for single filers; $116,000 for joint filers. If an individual’s spouse was covered by a retirement plan, but the individual was not, the noncovered individual can claim...(register to read more)

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