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.