Social Security taxable earnings cap in 2014 is $117,000. Thousands have already hit that tax limit.
Tax Carnival #124: Happy New Tax Year 2014

10 tax traps to watch out for in 2014

Welcome back and welcome 2014. If you made it back to work and the Internet last week, welcome back again!

Once you get settled in, your first task is to focus on filing your 2013 tax return. Hey, you are at a tax blog!

The 2014 Daily Tax Tip series starts today to help make that job, well, less taxing. Kicking off this year is my look at 10 new tax traps to watch out for in 2014.

Here's a quick overview:

  1. Get ready to wait early in the year.
  2. Get ready to wait later in the year. 
  3. Watch for added taxes if you're wealthy.
  4. Sign up for medical insurance.
  5. File jointly if you're a same-sex married couple.
  6. Claim the simplified home office deduction.
  7. Keep an eye on IRS troubles.  Finger pointing to upper right corner
  8. Pay attention to tax preparer regulation. 
  9. Watch out for tax reform. 
  10. Take advantage of inflation tax adjustments.

You can check out the specifics for these 10 potential tax traps at my article on

And you can find a new tax tip in the upper right corner of the ol' blog every day through the April 15 filing deadline.

The weekday tax tips will be courtesy of Bankrate; hey, I see no need to do double the work! But I'll also be posting tips here on the ol' blog on Saturdays and Sundays, too.

I pledge to do my best to get the tip posted early in the day. But sometimes other tax duties (or life in general!) might get in the way.

I do guarantee, however, that you'll be able to find every 2014 Daily Tax Tip on special blog pages for each month they run. January's tips are already being logged. Tax tip pages for February, March and April will be created as those months arrive.

That way if you miss a tax tip on the day it's featured on the home page or simply want to peruse all the Daily Tax Tips, you can bookmark the pages and come back at your leisure.

Happy New Tax Year 2014!

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Brian Huber

A corollary to point #8 is assuring that a tax preparer is qualified. Individuals should inquire about tax preparer experience or credentials. Cheap tax preparers are not bargains. If a tax return is really so easy to prepare, no help should be required and paying even a mere $50 is a waste. But anyone who truly needs professional tax assistance should expect to pay a few hundred dollars for an expert. A good way for tax preparers to investigate their competency levels is to review the free sample Enrolled Agent exam questions at Fast Forward Academy. Taxpayers can conduct the same inquiry to better understand the knowledge possessed by tax pros with Enrolled Agent certification.

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