What’s new for this tax-filing season? 2014 Edition
Below are a list of the major income tax changes that are effective for the 2014 taxation year.
No more safety deposit box – The deduction for amounts paid for the use of a safety deposit box of a financial institution will no longer be allowed.
Family Tax Cut – For eligible couples with minor children, a $2,000 non-refundable tax cut will be available. The Family Tax Cut is calculated based on the reduction to you and your spouse’s combined federal taxes if up to $50,000 of taxable income was transferred from the high income spouse to the lower income spouse.