Tax Law Changes for 2015
This year, the IRS is focusing on the Affordable Health Care Act. Remember, it is the law that you must have Health Care Insurance. If you do not have insurance, you will be assessed a penalty when you file your 2015 income taxes. If you need help in obtaining coverage or financial assistance, to purchase Health Care coverage for you and/or your family, visit the Health Insurance Market Place website at www.HealthCare.gov. or call 1-800-401-7162 You must apply prior to February 15, 2015.
This year, IRS will also be looking closely at Tax Returns with a Schedule C (Self-Employed Individuals) Please keep all receipts, bank statements ,cancelled checks, etc. to support your expenses.
If you have been a victim of Identity Theft, in prior years, you have to contact the IRS to get a new PIN# If you do not have the PIN#, your Tax Return will be rejected. You can’t use the same one that you had last year.
For workers who pay into Social Security, monthly benefit payments will increase by 1.7% in 2015.
If you donate shares of stock held for more than one year, you can deduct the full fair-market value from your taxes, not just the purchase price. Don’t donate depreciated stock. You will lose the opportunity for deductible capital loss unless you actually sell it.
Wireless firms face a big shortage of skilled workers to upgrade networks. The Dept. of Labor is partnering with wireless companies to train workers and standardize practices in the industry.
Starting in 2015, states can set up tax- free ABLE savings account, (similar to the 529 College Savings Plan), so families can set aside funds (tax-free) to help the long term disabled maintain their health, independence and quality of life Withdrawals will be tax- free if used for housing, education, job training transportation, etc.
Taxpayers born before July 1, 1944, must receive payments from their individual retirement plans (IRSs) and workplace retirement plans by December 31st. These payments are normally due by the end of 2014, but a new special rule allows first- year recipients of these payments, those who reach 70 ½ during 2014 to wait until as late as April 14, 2015 to receive their first payment.
I’m sure this year, you will see and hear advertisements informing you that you can get a quick refund with your check stub. THIS IS NOT A REFUND!! IT IS A LOAN with a large interest rate. It is illegal to file a Tax Return with a check stub or a substitute W2 before January 31st. Please don’t fall for this scam. Tax Law Changes for 2013