New Tax Twists for 2014

This article from the Christian Science Monitor has information about some interesting new rules and deductions for 2014. Remember, your tax advisor should always be consulted.

New Rules

  • Higher income means higher taxes
  • Higher income means Medicare tax
  • Education deductions extended
  • Medical expenses tougher to write off
  • Same­sex couples can file joint returns
  • Energy efficient home improvements can mean tax credit
  • Working from home

New Deductions Covering:

  • Pet moving
  • Clarinet lessons
  • Whaling equipment
  • Deer donation
  • Bingo
  • Uniforms
  • Business gifts (under $25)
  • Wigs (but not hair transplants)
  • Weight­loss programs