In This Issue

Why You Shouldn't Procrastinate on Filing Your 2014 Income Tax Return..

New & Extended Tax Laws to Consider Prior to Filing Your 2014

What's Your Filing Status?..

Expect New Tax Forms for Your 2014 Return

Be Sure to Deduct All of the Mileage You're Entitled To

Should You Forgo a Personal Exemption So Your Child Can Take the American Opportunity Credit?

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Why You Shouldn't Procrastinate on Filing Your 2014 Income Tax Return

If you're like many Americans, you may not start thinking about filing your tax return until the April 15 deadline is just a few weeks - or perhaps even just a few days - away.

But there's another date you should keep in mind: Jan. 20. That's the date the IRS began accepting 2014 returns, and filing as close to that date as possible could protect you from tax return .... (Read More)

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FEBRUARY 2015

Are you one of the Americans that will need to use one of the two new tax forms this year when filing your 2014 taxes? If you received a credit during 2014 as a reduction in your monthly health insurance premiums, you could be.

Simplicity is a good thing. Wouldn't it be nice if tax law were written to be simple? Unfortunately, legislation and lawmakers often do not see the challenges and complexities that arise when they craft their new tax laws. That's why we're here, to help make sense of it all for everyone.

Tax laws can be very confusing, new tax laws concerning healthcare can be really confusing, but we're here to help. Give us a call, so that you can relax.

New & Extended Tax Laws to Consider Prior to Filing Your 2014 Business or Individual Income Tax Returns

Very important tax changes and developments have occurred in the past three months for individuals and businesses. Please note that this article is not all inclusive of the 2014 and 2015 tax laws, and if more info is needed, feel free to contact us.

Wouldn't it be nice if tax laws were simple? Simplicity is a good thing, however, legislation and lawmakers often do not see the challenges and complexities that arise from new tax laws when they craft their laws. Fortunately, we can make the new tax laws and changes simpler for you. In December of 2014, the Tax Increase Prevention Act was signed into law, temporarily extending over 50 expired tax provisions...(Read More)

What's Your Filing Status?

To prepare your 2014 federal income tax return, you must determine which one of five filing status options fits your situation.

Here's an overview.
- Single. You're considered single if you're unmarried, divorced, or legally separated as of the last day of the tax year.
- Married filing jointly. When you're legally married under the laws of your state, you can elect to combine your income with that of your spouse ...(Read More)

Expect New Tax Forms for Your 2014 Return

Tax law changes put in place by the 2010 health insurance laws are still taking effect. The changes include two new forms that may be part of your 2014 federal income tax return.

Form 8962, Premium Tax Credit, is the form you'll use to calculate the amount of the federal income tax credit for health insurance premiums that you're eligible to claim. You may have received the credit in advance ...(Read More)

Be Sure to Deduct All of the Mileage You're Entitled To

You probably know that miles driven for business purposes can be deductible. But did you know that you might also be able to deduct miles driven for other purposes? The rates vary depending on the purpose and the year:

Business: 56 cents (2014), 57.5 cents (2015)

Medical: 23.5 cents (2014), 23 cents (2015)...(Read More)

Should You Forgo a Personal Exemption So Your Child Can Take the American Opportunity Credit?

If you have a child in college, you may not qualify for the American Opportunity credit on your 2014 income tax return because your income is too high (modified adjusted gross income phaseout range of $80,000-$90,000; $160,000-$180,000 for joint filers), but your child might. The maximum credit, per student, is $2,500 per year for the..(Read More)