2014 Tax Information

To prepare your 2014 tax returns in 2015:

  • Standard deduction $6,200 for single and married filing separately, $12,400 for married jointly, $9,100 for heads of households.
  • Personal exemption of $3,950 (phaseouts of AGI of $254,200 for individuals and $305,050 for married filing jointly).
  • Alternative minimum tax exemption $52,800 for individuals, $82,100 for married filing jointly.
  • Earned Income Tax Credit (EITC)  max $3,304 for filing jointly with one child, $5,460 for two children.
  • Kiddie Tax threshold (amount a child can take home without paying income tax)  $1,000.
  • Adoption Credit $13,190.
  • Hope Scholarship Credit up to $2,500 of qualified tuition and  related expenses.
  • Flexible Spending Account contribution limit $2,500.
  • IRA contributions limit $5,500.
  • Federal estate tax exemption $5,340.000.
  • Federal gift tax exclusion $14,000.


We are a family owned and operated accounting and tax firm located in west Tampa, FL.  We provide a full range of accounting and tax services including corporate, partnership, and individual tax returns, financial statements, full and after-the-fact payroll, sales tax, and payroll tax processing.  We pride ourselves on providing personal attention and treating our clients as family.

Tax Breaks for Businesses

The Tax Increase Prevention Act passed on 1/1/15 extended tax breaks for businesses.  Here's and overview:

  • 50% bonus depreciation. Take additional depreciation expense in the first year on qualified assets like furniture and software).
  • Sec 179 depreciation, which allows businesses to immediately deduct up to $500k  of qualified assets.
  • Depreciation breaks for qualified leasehold improvements for restaurants and retail properties.
  • Research credit for businesses that increase their investment in R&D (complicated to calculate).
  • Work opportunity credit for hiring from certain disadvantaged groups (40% of first $6k in wages, max credit of $2,400 per qualified employee).

New 2015 Standard Mileage Rate

The IRS  issued the optional standard mileage rates used to calculate deductible cost of operating an automobile for business, charitable, medical,  or moving expenses beginning January 1, 2015:

  • 57.5 cents per mile for business miles driven (up from 56 cents in 2014)
  • 23 cents per mile driven for medical or moving purposes
  • 14 cents per mile driven in service of charitable organizations

Tax Breaks for Individuals

The Tax Increase Prevention Act passed on 1/1/15 extended tax breaks for individuals.  Here's an overview:

  • No income taxes on IRA distributions to charities (70½ or older, up to $100,000).
  • No income recognized from home mortgage debt forgiveness (up to $2M, $1M for married filing separate).
  • Take and itemized deduction for state/local sales tax instead of for state/local income taxes (valuable for those living in states with low or no income taxes, like FL).
  • Tuition and fees deduction (if eligible can deduct tuition and related fees on behalf of you, spouse, or dependents).
  • Educators (elementary and secondary) can claim above-the-line deduction up to $250 for certain expenses paid books, supplies, and equipment.
  • Energy-efficiency tax credits for contractors and home improvements.
First American Financial Services