Quick Tax Tips for Individuals

Numbers And Finance
Image by by Ken Teegardin

You’re not waiting until April 14th to give a shoebox full of receipts to your accountant are you? Your taxes are due this Monday. Next year,  remember the sooner you provide this year’s financials to your tax preparer the more time they can spend figuring out to save you money! And here’s a few more tips for individuals, courtesy Adriana Perry and the National Association of Tax Preparers:

QUICK INDIVIDUAL TAX TIP #1: For 2014, the annual limitation on Health Savings Account contributions for an individual with family coverage under a high deductible health plan (HDHP) is $6,550 up from $6,450 in 2013. For an individual with self-only coverage under an HDHP, the annual limit is $3,300, up from $3,250 for 2013.

QUICK INDIVIDUAL TAX TIP #2: Beginning in tax year 2013, a new tax rate of 39.6 percent has been added for individuals whose income exceeds $400,000 ($450,000 for married taxpayers filing a joint return).

QUICK INDIVIDUAL TAX TIP #3: The Nonbusiness Energy Credit allows you to claim a credit of 10 percent (up to $500) of the cost of certain energy-saving property that you add to your main home.

QUICK INDIVIDUAL TAX TIP #4: For 2013, the standard mileage rates for the use of a car are 24 cents per mile driven for medical or moving purposes and 14 cents per mile driven in service of charitable organizations.†

†Source: NATP