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Michael DiSabatino of Sharp CFO™ shares expert insights to help you unlock your business's full potential by delivering proven strategies for maximizing tax savings, streamlining operations, and driving sustainable growth.

The information provided on this site is for general informational purposes only and should not be construed as professional financial, tax, or legal advice. For advice tailored to your specific situation, we recommend consulting with a qualified professional.
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Take Note - Don't Miss Out!

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Take Note - Don't Miss Out!

Take Note - Don't Miss Out

  • IRS will open the 2014 filing season on January 31, a 10-day delay due to the October government shutdown.
  • January 31 is the deadline for employers to provide 2013 W-2s to employees.
  • Payers must furnish payees with Form 1099s by January 31. The deadline for providing Form 1099-B to customers is February 18.
  • January 31 is the deadline for employers to file annual federal unemployment tax returns.
  • If you paid a household worker more than $1,800 in 2013, you may have payroll tax obligations under the "nanny tax" rules.
  • IRS sets the standard mileage rate for business driving at 56 cents a mile for 2014.
  • The mileage rate for 2014 driving for medical or moving reasons is set at 23.5 cents a mile.
  • The mileage rate for charitable driving in 2014 remains at 14 cents a mile.
  • Section 179 expensing limit for 2014 drops to $25,000, with a phase-out threshold of $200,000.
  • The taxable wage base for social security increases to $117,000 for 2014.
  • Retirees under full retirement age can earn up to $15,480 in 2014 without losing any social security benefits.
  • The kiddie tax threshold remains at $2,000 for 2014 and applies up to age 19 (up to age 24 for full-time students).
  • The nanny tax threshold increases to $1,900 for 2014.
  • The health savings account contribution limit for 2014 is $3,300 for individuals and $6,550 for families ($1,000 more for 55 or older).
  • 401(k) maximum salary deferral for 2014 is $17,500 ($23,000 for those 50 or older).
  • SIMPLE maximum salary deferral for 2014 is $12,000 ($14,500 for those 50 or older).
  • IRA contribution limit for 2014 is $5,500 ($6,500 for those 50 or older).
  • The top estate tax rate for 2014 is 40%, and the exemption for 2014 increases to $5,340,000.
  • The annual gift tax exclusion for 2014 is $14,000.
  • The tax credit for the adoption of an eligible child in 2014 is $13,190.
  • Singles with 2014 income over $254,200 ($305,050 for married) will have their personal exemptions and itemized deductions phased out.

    • Call us for more information on these topics - 805.389.7300

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    Mike DiSabatino

    Mike DiSabatino

    Mike DiSabatino
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