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.
IRS Has Handed Out More Than $100 Billion in Refunds so far
As with every tax season there have been some mistakes that have caused problems for some taxpayers, as well as the usual battle with tax scams that pop up every year. However for the most part, the refund process has gone well to this point. In fact, at the end of February, the IRS reported…
There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe
There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for…
Should You Pay Estimated Taxes?
For most people tax time only comes once year. However, for anyone who has to pay estimated taxes a large tax bill could be due several times a year. Again, most people do not have to worry about paying estimated taxes, but there are several circumstances that will put you in that category. The most…
Do not Be the Victim of a Tax Scam
As the tax season continues to be in full swing we here at GROCO continue to hear of more and more tax scams making the rounds. We’ve discussed tax scams before, but it never hurts to repeat this important information, especially at this time of year when tax scammers are so prevalent. In fact, several…