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December 2014 » 2014 Individual Tax Landscape
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Corinne Crawford, CPA, and Constance Crawford, CPA
As the year comes to an end, it is time to take a look at the individual tax landscape. No major federal tax legislation was signed into law during 2014; however, myriad changes that occurred this past year will significantly affect individual tax liability. These changes range from the usual inflationary adjustments to tax brackets, deductions, and exemptions, to proposed last-minute legislative action that will extend, for one year, 55 cherished deductions and credits that are worth $45 billion in tax savings. Also worth noting are the penalties for failure to have health insurance under the Affordable Care Act that take effect for 2014.
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