The IRS just published the new tax numbers for 2015. These are helpful in your 2014 and 2015 tax planning. If you need any tax planning for 2014 or will need any tax returns prepared for 2014, contact us today to get on our mailing list or to set up an appointment.
Social Security taxable wage base limit increases to $118,500. Retirees under full retirement age can earn up to 15,720 without losing benefits
AMT Exemptions for 2015 are $53,600 for singles, $83,400 for couples and $41,700 for married couples filing separately.
401(K) maximum salary deferral increases to $18,000 for 2015. The catch-up limit for 50 and older increases to $6,000
SIMPLE maximum deferral increases to $12,500 and the catch-up is $3,000
IRA Contribution limit remains at $5,500, $6,500 for 50 and older
HSA Contribution limit increases to $3,350 for individuals and $6,650 for families
Kiddie tax threshold remains at $1,900 for 2015
Annual Gift Tax Exclusion remains at $14,000