Hope all enjoyed the holiday season with family & friends. I’d like to remind individuals and business owners that it’s tax time. This means that one more task still remains on your to-do list from last year.
Now let’s turn to what’s new for 2015. I’d like to bring to your attention some of these changes;
- The employer mandate starts to kick in- Companies with 100 or more full-time equivalent employee must offer health coverage to full-timers. The fines for noncompliance are stiff.
- The individual mandate’s fine for going without insurance is increased for 2015. The income level to qualify for the health premium credit also increases. This credit is available only to those with household incomes between the 100% and 400% of the federal poverty level
- The income tax brackets are slightly wider than last year because of mild inflation. This years tax rates remain the same as last year.
- Standard deductions and personal exemptions increased. High income individuals lose their itemized deductions above a certain (higher) level this year
- The exclusion for US taxpayers working abroad is a bit higher. But the caps on transit passes and commuter vans fall sharply once again. The monthly on employer –provided tax-free parking benefits remain the same.
- The standard mileage rate increased to 57.5c per mile for business driving. The rate decreased to 23c per mile for medical & moving driving. The rate remain at 14c per mile for charitable driving.
Identity Theft continues to be priority to the IRS and to your tax professional. Please watch the IRS You Tube Video Series to help you avoid pitfalls and stay safe online. Your tax professional should have implemented security measures in the use of the tax software and safe method in exchanging documents. Do not hesitate to seek advice from your tax professional, who understands the rules and regulations, to assist you to maximize benefits that you are entitled to on your 2015 tax return.
To schedule a meeting or conference call, I strongly recommend that clients complete the application form to request an appointment or email me at email@example.com. Also, clients may contact my office at (312) 208-9585, or me directly at (773)401-2848.
Yours very truly,