2014 Update Reminders

2014 MILEAGE ALLOWANCES

56 Cents per mile for business miles driven
23.5 Cents per mile for medical or moving purposes
14 Cents per mile for Miles driven in service to a charitable organization
REMEMBER TO MAINTAIN YOUR MILEAGE LOGS FOR 2014 !

2014 RETIREMENT PLAN LIMITS

Defined contribution plans. The maximum allowable annual contribution you can make Savings plan remains unchanged at $17,500. Keep in mind these additional factors:

    • People over 50 can also make an additional $5,500 in catch-up contributions (unchanged from 2013).
    • The annual limit for combined employee and employer contributions increased by $1,000 to $52,000.
    • Because your plan may limit the percentage of pay you can contribute, your maximum contribution may actually be less.
    • (For example, if the maximum contribution is 10 percent of pay and you earn $60,000, you could only contribute $6,000.)
    • Individual Retirement Accounts (IRAs). The maximum annual contribution to IRAs remains the same at $5,500 (plus an additional $1,000 if 50 or older — also unchanged from 2013).
    • Maximum contributions to traditional IRAs are not impacted by personal income, but if your modified adjusted gross income (AGI) exceeds certain limits, the maximum amount you can contribute to a Roth IRA gradually phases out

MISSOURI MINIMUM WAGE

The Missouri Minimum Wage in effect for 2014 is $ 7.50 per hour.
The IRS announced that the 2014 Tax Filing season will begin on January 31, 2014 for
Individual Returns and January 13, 2014 for Business Tax Returns.