Federal tax update for 2014 tax returns
1. YOU are required to file an income tax return if your 2014 gross income reaches: Elderly and blind taxpayers add $1,200 to $1,550. 2. Personal exemptions $3,950 Phaseouts for personal itemized deduction and personal exemption were reinstated in 2013. 3. Standard deductions: If your combined itemized deductions for interests, taxes, medical and contributions are…