H&R Block 2014 + Tax Pro Prep.
HR Block 2014 and Tax Law Changes
Lots of tax changes coming in 2014, but rest assured
HR Block 2014 will be ready for them.
Tax increases will hit businesses and individuals alike, so
don't think you wont feel it.
Assuming the economy is growing steadily, figure on tax increases taking effect in 2014. Reducing the deficit will become the top priority. Probable hikes for individuals include:
- Boosts in top marginal rates from 33% and 35% to 36% and 39.6%.
- Higher rates on capital gains and dividends, for those in the top brackets.
- Caps on itemized deductions for top earners.
- Estate tax exemption changes of at least $3.5 to $5 million.
- More easing of the alternative minimum tax.
- Business hikes and cuts may include:
- Higher SECA taxes for owners of S firms and partnerships by blocking compensation as dividends instead of salary.
- Restrictions on worker classification that treat workers as contractors who are really employees.
- Elimination of some tax breaks for big corporations, including the deduction for domestic production, accelerated depreciation and incentives for foreign income and oil production.
H&R Block At Home 2014 will be one of the best ways to ensure
your taking advantage of any breaks available to you in your
Expect longer term, tax hikes to go even further and hit more people and businesses. The only other option is deep cuts in spending, including Social Security, Medicare and defense.
Lumping together income, excise, payroll and other taxes, with the average rate paid today of 21¢ on every dollar of income, according to a prior years analysis. For the top 20% of taxpayers, the average rate is higher at 26¢.
With all the changes that have to take place due to the budget deficit it's hard to get a grip on all you need to know without some form of help. That's why using tax software like H&R Block At Home 2014 will be more important than ever. Ensuring you have the proper tools to take advantage of any deductions available is no doubt going to put you in the drivers seat. This in tern will enable you to get the most out of your return which includes the biggest refund possible!
Don't leave it to chance, time is money, just like not taking the time to purchase the right software for your taxes will cost you money.
It's all about knowing when and where you can save, and that's what H&R Block 2014 will help you do, for you, and your family!
How H&R Block can help you understand the health care laws and how they effect you in 2014.
On January 1, 2014 U.S. citizens are required to have health insurance based on the new Obamacare health care laws. Legal U.S. residents are required to carry health insurance coverage from this date forward or face a tax penalty. Open enrollment for exchange health insurance plans is scheduled to begin October 1, 2013.
For consumers that already have their own health care coverage, health care reform includes policies that will affect all health insurance plans including your existing plan, but you do not have to switch plans if you prefer your existing coverage.
Anyone paying for their own coverage through the private market may be able to save money by purchasing insurance through an exchange instead.
For anyone that is not covered by an employer or government-sponsored
insurance plan, including U.S. citizens or lawfully present
residents, you are required to
get health care coverage for yourself and your dependents in 2014.
Depending on income and household status, tax filers may qualify for a subsidy that can lower health insurance costs. For those that decide not to purchase health insurance, a tax penalty may be levied against you. Exceptions to this law include certain religious exemptions.
No requirement exists that requires consumers to purchase health insurance coverage from a government-sponsored exchange. Consumers may choose to purchase their insurance through an insurance agent or broker, However, you are only eligible for a subsidy if you get coverage through an exchange which may be your most cost-effective insurance option.