Tax Changes for 2014

31 Jan
2014 tax law changes

With a new year comes new tax rules.  I’ve touched on some of these changes in previous posts, such as the new home office deduction and the effect of DOMA for same sex couples.  Some of the more talked about changes have come from the Affordable Care Act (Obamacare or the ACA).  While the ACA isn’t new for 2014, there are changes starting January 1st that will affect both individuals and businesses.

For businesses, one of the biggest talking points has been the small business health care tax credit, which applies to employers with fewer than 25 employees.  The credit can yield significant savings, potentially being worth as much as 35% of premiums paid.

For individuals, those who are not carrying health insurance run the risk of being penalized.  Additionally, there is also an increase in Social Security and Medicare taxes for higher income taxpayers. 

This post is provided for informational purposes only and does not constitute legal advice. It is intended, but not promised or guaranteed to be current, complete, or up-to-date and should in no way be taken as an indication of future results. It is not intended to create an attorney-client relationship and is offered only for general informational and educational purposes. You should not act or rely on any information contained in this website without first seeking the advice of an attorney.

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