Photo by Flickr User Andrew Magill
According to this article by Small Business Trends, the predicted tax trends of 2014 will bring on some different benefits and challenges than 2013. Although these predictions are only estimates, they can help you prepare financially for the upcoming year. So here are three trends to look for in the coming year:
1. Underfunding of the IRS perpetuates. With the recent healthcare bill in place, the employees of the IRS are no longer only tax-collectors, but they are also charged with the task of collecting fees from citizens not complying with the healthcare bill. However, according to the 2012 Annual Report by Congress, the “significant and persistent underfunding of the IRS [is] the #3 most serious problem facing taxpayers.”
2. Identity theft grows. It looks like the IRS’s problems with identity theft in 2013 will continue to grow in 2014. This means that individuals and businesses should protect their personal information more than ever. In business settings, security experts could be very helpful.
3. The Supreme Court finally decides about FICA taxes on severance packages. With much debate, the Supreme Court has still not decided how much FICA taxes apply to severance packages of those who are recently unemployed. But by June of 2014, the decision will finally be made.
In 2014, pay close attention to the changes made as most tax changes will directly affect you!
And remember to contact Fair, Anderson & Langerman for any further assistance in your personal or business finances!