Every year the IRS updates various amounts for tax returns. The following are some of the more significant changes from 2013:
Business mileage drops to 56 cents a mile from 56.5 cents per mile in 2013.
The estate tax exemption increases from $5,250,000 to $5,340,000 in 2014.
The social security taxable wage limit increases to $117,000 from $113,700.
The HSA contribution for families increases to $6,550.
The Medicare Part B premium starts at $104.90 per month and $0 for Part D.
For higher income seniors, the Medicare Part D premium can be as high as $335.70 a month and $69.30 for Part D.
The standard deduction for married filing joint is $12,400 and the personal exemption is $3,950.
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