Have You Heard About These New Income Tax Changes?
February is almost over. Can you believe it? That means the annual income tax return deadline is fast approaching. If you still haven’t done your taxes then there are some important changes you should know about. Hopefully, if you’ve already filed, then you were aware of these changes beforehand. If not, and you think they could impact your return then you could always file an amended return.
In any case, here are some key changes to be aware of. The due date for taxes this year is actually Monday, April 18 in most states, however, for those taxpayers that live in states that celebrate Patriot’s Day the due date falls on Tuesday, April 19. First, for those claiming certain credits, like the child tax credit and the American Opportunity Credit, the IRS now requires a Social Security or tax ID number.
You’ve heard of an IRA, now the U.S. Treasury Department is offering myRA, a free retirement account that allows eligible taxpayers to fund it either through their personal accounts or via payroll deductions. Elsewhere, the Personal Exemption rate has increased to $4,000 for the majority of taxpayers. For those that make more than $258,250 the exemption is not as much.
Another deduction that has gone up from last year is the standard deduction. It has increased $100 for individuals and $200 for married couples filing jointly from 2014, to $6,300 and $12,600 respectively. Meantime, if you use a vehicle for business you can use the mileage used for that business as a deduction. While that is not new, the rate per mile for 2015 was 57.5 cents, up from 56 cents in 2014.
Of course, if you still need help with your tax returns you can contact us at 1-877-CPA-2006 or by clicking here.
Top Moments in Space Exploration
“Remember to look up at the stars and not down at your feet.” – Stephen HawkingThere is no question that space exploration has progressed technology, increased our understanding of the world around us, and inspire us to new heights. Space travel continues to inspire us today. Here is our list of 10 inspiring moments in space exploration. Please share what other inspiring space moments you think should be on the list.10. Space X Falcon Heavy LaunchSpace X Falcon Heavy launch was a big deal for
How to Become a Global Business Leader
Not everyone that wants to become a global business leader is going to reach that goal. That’s because it takes serious commitment, hard work, and a relentless desire to succeed in order to become a successful global business leader. But don’t despair; nothing is impossible if you’re willing to do the work. But you will need to make certain decisions to get there.Don’t be afraid to take chances – taking risks is important, but you don’t want o be reckless. It’s best to take educated risks
Is Bitcoin Ready for Another Surge?
Is Bitcoin Ready for Another Surge? If you’re lucky enough to own a stake in the cryptocurrency Bitcoin, then you’re already aware of it’s extreme volatility. The ultra popular digital currency has experienced massive jumps and slides during the last year, which have seen it reach as high as $19,783 back in December, only to…
How to Start a company with $101
“How can I get my company started if I don’t have any money?” If you are asking this question, you are not alone. The solution is Bootstrapping.Bootstrapping is starting a business with little resources; this includes, money, skills, and a vast array of knowledge. Businesses are starting all around the world and succeeding with very little money. Here are some ideas for you to consider and some guidelines to follow. Reduce cost for things that don’t matter to your customers. The internet has