Has a New Federal Tax Law Passed?


Quick Answer

New federal tax laws, as of 2014, include laws requiring taxpayers to carry health insurance under the Affordable Care Act and new rules that make Pell grants taxable in some instances, notes Huffington Post. There are also increases in the amount of the standard deduction across all filing statuses.

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Full Answer

For tax year 2014, the standard deduction is $6,200 for single filers or filers who are married filing separately; $9,100 for taxpayers using the head-of-household filing status; and $12,400 for married tax payers or qualifying widows filing a joint return. Exemptions for 2014 now count for $3,950, which is slightly up from the previous year. Notably, another tax law requires those being paid in Bitcoin to count the money as income, as of 2015.

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