2014 YEAR-END
TAX GUIDE
Inflation/Cost of Living Tax Updates for 2015



Tax Benefit AMOUNT FOR 2015 CHANGE DUE TO INFLATION AS COMPARED TO 2014
Personal/Dependent Exemption $4000 Increased $50
STANDARD DEDUCTION
Married FIling Joint $12,000 Increased $200
Single $6,300 Increased $100
Married FIling Seperately $6,300 Increased $100
Head of Household $9,250 Increased $150
Additional Deduction for Taxpayers Who Are Blind Senior Citizens $1,250 if married,
-OR-
$1,550 if single/head of household
Increased $50

Remains Unchanged
Maximum Earned Income Tax Credit for Low/Moderate Income Workers $6,242 Increased $99
Maximum Earned Limit for Low/Moderate Income Workers $47,747 (Joint $53,267) Limited to 3 children
Foreign Earned Income Deduction $100,800 Increased $1,600
Modified Adjusted Gross Income threshold for Lifetime Learning Credit Phaseout $110,000 if filing jointly
-OR-
$55,000 if single/head of household
Increased $2,000

Increased $1,000