​​Shawver & Way CPAs, LLC

   Certified Public Accountants




 (970)285-4079

2014 Tax Brackets and Rates

Below are some useful links and tables 

Tax Rates     Single                       Married Filing Seperately          Married Filing Jointly              Head of Household
10%         $0 to 9075                              $0 to 9075                              $0 to 18,150                           $0 to 12,950
15%      $9076 to 36900                  $9076 to 36,900                 $18,151 to 73,800                  $12,951 to 49,400
25%      $36901 to 89350             $36,901 to 74,425                  $73801 to 148,850                $49,401 to 127,550
28%      $89351 to 186,350          $74,426 to 113,425             $148,851 to 226,850              $127,501 to 206,600
33%      $186,351 to 405,100     $113,426 to 202,550              $226851 to 405,100              $206,601 to 405,100
35%      $405,101 to 406,750      $202,551 to 228,800            $405,101 to 457,600              $405,101 to 432,200
39.60%        $406,751                         + $228,800+                             $457,901 +                             $432,201 +

 In mid-December 2015, Congress renewed the extenders that expired last year.

   Some of the rules are now effective through December 31, 2016, some are effective through 2019, and some are effective permanently. Other provisions made changes to existing tax rules that were not part of the extenders.

    Here’s a summary of selected provisions from the new law, Protecting Americans from Tax Hikes Act of 2015.

    — Bonus depreciation. You can expense 50% of the cost of new property you bought and began to use in 2015. The deduction was extended through 2019.

    — Section 179. The immediate expensing limit for new and used property purchased and placed in service during 2015 is $500,000. Your total Section 179 deduction is limited when you purchase $2,000,000 or more of assets during the year. The new thresholds are now permanent and will be indexed for inflation.

    — Charitable contributions from IRAs. When you’re age 70? or older, you can make a tax-free distribution to a charity from your IRA. This break was reinstated for 2015 and is now permanent.

    — State and local sales tax deduction. If you itemize, you can claim a deduction for these taxes instead of state and local income taxes on your 2015 return. This deduction is now permanent.

    — Qualified tuition expenses. The new law reinstated the above-the-line deduction of up to $4,000 for higher education expenses for yourself or other family members. You can claim this in 2015 and 2016.

    — Teacher classroom expenses. The deduction for up to $250 of out-of-pocket eligible educator expenses is available for your 2015 return. It’s now permanent and will be indexed for inflation beginning with 2016 tax returns.

If you wish to get further information please contact us for your tax planning needs.

Retirement Plan Contribution Limits

Type  Amount

Over 50

Traditional IRA5500

    6500


Roth IRA55006500
401(k), 403(b), 457, SEP18,000

24,000

Simple12,50015,500
Annual Gift Tax Limit14,000n/a