Timing of year-end contributions:
Contributions made by check are deductible in 2015 if the check is mailed by year-end. If payment is made by bank credit card, it is deductible in 2015 if the charge is made by year-end. It doesn’t matter when the credit card payment is made. If the donation is made with a retail store credit card, the deduction cannot be taken until the card is paid, even though it was charged in 2015.
Donations of securities and other property:
This is an excellent way to make a contribution without paying cash. Taxpayers can deduct the fair value of the securities on the date of the gift. Donating appreciated securities is a good move because if you sold the securities Read More
Under the Affordable Care Act, the law requires you and each member of your family to have qualifying health insurance, called minimum essential coverage, otherwise you will be subject to a penalty when you file your federal income tax return.
It is important to note that you may be exempt from the requirement to maintain minimum essential coverage, if certain conditions are met, and thus will NOT have to make a shared responsibility payment (penalty) when you file your federal income tax return.
You can obtain some exemptions only from the marketplace, others only from the IRS, and yet others from either the Marketplace or the IRS.
You can obtain Affordable Care Act exemptions under the ACA if any of the following apply to you for 2015 tax year: Read More
It’s a good time to get planning for this year’s tax challenges. For tax year 2015, there are annual inflation adjustments for more than 40 tax provisions, including the tax rate schedules, and other tax changes. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts. Keep in mind that the AFA (Affordable Care Act) will increase many taxes on capital gains, income, and other areas including reducing tax deductions for high income earners and families.
• Income Tax Rates: The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.