2014 Tax Year Updates

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Itemized Deductions: The Pease limitation will begin with incomes of $254,200 or more for singles and $305,050 for married couples filing jointly. The Pease limitation, name after former Rep Don Pease (D-OH) were slated to be reduced beginning in 2006 and eliminated in 2010; as with the other tax cuts, the elimination was extended through the end of 2012. The limitations were brought back in 2013 at the original thresholds, indexed for inflation.