Delray Beach, Florida (PRWEB) November 07, 2014
It is important for all tax pros to be aware of the annual inflation adjustments the IRS makes to ensure they are getting their clients the maximum refund allowable. Revenue procedure 2014-61 provides the details about these adjustments and is available on the IRS website. The income level at the tax rate of 39.6 percent for the highest earning individuals has increased from $406,750, and $457,600 for married filing jointly, to $413,200 and $464,850 respectively. The standard deduction has increased to $6,300 for singles and married filing separately and $12,600 for married filing jointly. In addition, the standard deduction for head of household has increased from $9,100 to $9,250.
The Earned Income Credit maximum will be $6,242 for those filing jointly who have 3 or more qualifying children, an increase from the 2014 amount of $6,143. More details on the maximum credit amounts for categories such as income thresholds and phase-outs can be found in the revenue procedure at the link provided above. Some items have remained the same, however, such as the exclusion for gifts amount which remains at $14,000. Sigma Tax Pro urges all tax pros to review the revenue procedure carefully to ensure they are up to date with all changes.
Sigma Tax Pro provides a full range of essential services for tax pros. This includes industry leading software solutions as well as technical support, tax preparation support and client retention strategies. Sigma Tax Pro specializes in helping tax preparation firms expand their businesses, open new offices and increase their client base. Sigma is also reminding all tax pros to check their EFIN and PTIN numbers are up to date for the coming tax season.