Q:

Did any tax laws change in 2014?

A:

Quick Answer

The most notable changes to the tax code in 2014 come from adjustments to inflation. Standard deductions for all filers increased, along with a new personal exemption of $3,950; Alternative Minimum Tax exemption rising to $52,800 ($82,100 for joint filers); and new cut-offs for single taxpayer brackets, notes TaxACT.com.

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Full Answer

In addition, TheIncomeTaxSchool.com notes that FICA tax rates increased, mainly in the form of an additional 0.9 percent of yearly income more than $200,000. Also, under the Affordable Care Act, individuals or families who sign up for insurance using the Health Insurance Marketplace and whose income falls between 100 and 400 percent of the poverty line qualify for the Health Insurance Premium Tax Credit, according to TaxACT.com.

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