Law Offices of Connie Yi, PC
Estate Planning
& Tax Law
Toll Free: 888-312-6978
Website Navigation Menu

IRS releases federal tax guidelines for 2014

The wait is over for 2014 tax provisions! If you weren’t necessarily sitting by your computer waiting for the news to come in, that’s alright. Tax issues are interesting to those who work with tax law every day, so the average reader might not be keeping close tabs on the comings-and-goings of the Internal Revenue Service.

However, tax adjustments are important for everyone and being aware of adjustments in advance can help individuals, businesses, and families make smarter decisions for the coming year. The biggest adjustment for the coming year generally has to do with inflation if there are no major tax law changes.

For the 2014 tax year, inflation adjustments will cause the standard deduction for married couples filing jointly to go up slightly, from $12,200 to $12,400. Estate tax exemptions are also adjusting for inflation in 2014, going up significantly from $5,250,000 in 2013 to $5,340,000.

One complicated issue that will be coming up in 2014 is the personal exemption phase-out, which will now apply at different levels once it is adjusted for inflation. The phase-out happens gradually, starting to reduce the personal exemption for individuals who earn at least $254,000 and fading out entirely for those who make at least $376,700.

These types of changes are important to keep in mind and track from year to year, particularly if there is a dispute with the IRS about how much is owed, whether one qualifies for various deductions that were taken, and what type of income must be reported to the IRS. Tax compliance issues can give way to an audit or some other dispute with the IRS and in those cases it helps to have an experienced advocate to argue the case.

Source: Wall Street Journal, “IRS Unveils Tax Rules for 2014,” Tom Herman, Nov. 10, 2013.

No Comments

Leave a comment
Comment Information

Contact Us Now to begin your initial consultation

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

FindLaw Network

Office Locations

Law Offices of Connie Yi, PC
490 Post Street, Suite 508
San Francisco, CA 94102
Phone: 415-433-3350
Toll Free: 888-312-6978
Map and Directions

Additional Office Locations:
323 Ray Street
Pleasanton, CA 94566
Phone: 925-484-0888 
Pleasanton Law Office Map

San Mateo
1900 S. Norfolk Street, Suite 350
San Mateo, CA 94403
Phone: 415-433-3350
Map and Directions

1250 Oakmead Pkwy, Suite 210 
Sunnyvale, CA 94085 
Phone: 888-312-6978 
Map and Directions