News

This year, there are some changes to tax forms related to the Affordable Care Act. Along with several new lines on existing forms, there are also two new forms that need to be included with some tax returns. While most taxpayers simply need to check a box on their...

Updated income-tax withholding tables for 2015 have been released by the IRS and supersede early release withholding tables issued in December 2014. The newly revised version contains percentage method income-tax withholding tables and related information that employers need to implement these changes. In addition, employers should continue withholding Social...

You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2014 earnings and withheld taxes no later than February 2, 2015 (if mailed, allow a few days for delivery). If...

If you are having trouble paying your debts, it is important to take action sooner rather than later. Doing nothing leads to much larger problems in the future, whether it’s a bad credit record or bankruptcy resulting in the loss of assets and even your home. If you’re in...

IRS impersonation phone scams, as well as phishing continue to be a serious threat to taxpayers topping the list of the IRS “Dirty Dozen” tax schemes once again. The IRS impersonation phone scam has claimed nearly 3,000 victims who have collectively paid over $14 million, the Treasury Inspector General...

Starting with this year’s filing season, taxpayers must report certain information related to health care coverage on their 2014 tax return when they file this April. In addition, taxpayers must provide proof of health insurance coverage or that they have received an exemption. With that in mind, let’s take...

February 2 Employers – Give your employees their copies of Form W-2 for 2014 by February 2, 2015. If an employee agreed to receive Form W-2 electronically, post it on a website accessible to the employee and notify the employee by February 2, 2015. Businesses – Give annual information statements to...

Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck are: 57.5 cents per mile for business miles driven, up from 56 cents in 2014 23 cents per mile driven for medical or moving purposes, down half a cent...

More than 40 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2015. Let’s take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married...

Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Not quite. You can’t let your business run on autopilot and expect good results. Any business owner knows you need to make numerous...

In late December Congress finally took action, passing the tax extender bill, officially known as the Tax Increase Prevention Act of 2014 (H.R. 5771), which was signed into law by President Obama. The good news is that these tax provisions are retroactive to January 1, 2014. The bad news is that...

Welcome 2015! As the new year rolls around, it’s always a sure bet that there will be changes to current tax law and 2015 is no different. From health savings accounts to retirement contributions and standard deductions, here’s a checklist of tax changes to help you plan the year...