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New Tax Laws for 2015 Tax Return

Extra time to file:

Individuals will have a few extra days to file with the IRS this year you have until April 18, 2016 to file your 2015 tax returns.  This is due to the district of columbia holiday called emancipation day.

Penalties for Uninsured:

If you do not have health insurance coverage in 2015 you will have to pay the higher of these two amounts:  2 percent of your yearly income above the tax filing threshold up to a maximum cost of the national average premium to purchase a bronze plan from the federal healthcare exchange; or $695.00 per person. The maximum penalty per family using this method is $2,085.00.

Higher Taxes:

Every year a number of figures change in the tax code.  In addition to the deduction levels changing for standard deductions, the income thresholds for each tax bracket also changed.  Those final income thresholds became more important after the American Taxpayer Relief Act of 2012 (ATRA) added a seventh federal income tax bracket in 2013. The information services company estimates that for 2016 taxable incomes over certain levels will be taxed at the high 39.6 percent rate:

The bottom line:

 Schedule an appointment to learn more about important changes in tax law.

Meet now with your tax consultant to review coming changes. This will enable you to do year-end planning to save on this year’s tax bill, as well as budget more accurately for the coming year.

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