IRS Threshold Changes for Individuals in 2014

The IRS released retirement and social security threshold adjustments for the 2014 tax season after the government shutdown ended. Many of these adjustments are made on a yearly basis to take into account inflation and other factors in our economy to keep deductions, and phase out amounts substantially the same year after year. The following chart depicts the changes made to various relevant phase outs for individuals in the 2014 tax year.

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For more information, contact BiggsKofford, at (719) 579-9090.If you have any questions on how these changes will affect you and how to prepare for these changes please contact your BiggsKofford representative at (719) 579-9090, and we will be happy to serve you.