Tax Information For 2014

 

 

For printable version download PDF

Social Security Wage Base

For 2014 the social security wage base is $117,000, an increase from the 2013 wage base of $113,700.

Mileage Rates

For 2014, the mileage allowance is 56 cents per mile for business travel.  Miles driven for medical care or for a qualified move is 23.5 cents per mile.  The mileage rate for providing services to a charity remains at 14 cents per mile.

New Tax Rates

Beginning in 2013, there is a new tax bracket of 39.6% for single filers with AGI over $400,000 and for those married filing jointly with AGI over $450,000.  Capital gain and dividend rates are now at 20% for these individuals.

2014 Federal Standard Deductions

$6,200 for single filers & married filing separately (up from $6,100 in 2013)
$12,400 for married filers (up from $12,200)
$9,100 for head of household (up from $8,950)
$1,000 for dependents (no change from 2013)

Retirement Plan Contribution Limits

 

Extended Provisions

 

Lake County Income Tax

Effective October 1st, 2013, Lake County Indiana passed a local income tax.  The Lake County tax rate is 1.5% for residents, and 0.5% for non-residents.  As this rate only goes into effect for the fourth quarter of 2013, a proration of 0.375% will be used on figuring the tax due on 2013 individual tax returns.  Income that is subject to county income tax includes wages, interest, dividends, business income, capital gains, IRA distributions, pensions, rental income, partnership income, S corporation income, trust income, and unemployment compensation.   Essentially, any income subject to Indiana state tax is also subject to Indiana county tax.  Please note:  Social Security income is NOT subject to Indiana county tax. 

These are only a few key points regarding tax information for 2014.  Please notify us if you have any questions or concerns.