Things to Know about Tax Year 2015 Tax Due Dates: - April 18, 2016 due for U.S. residents
- April 19, 2016 for residents in Maine and Massachusetts
- June 15, 2016 for U.S. citizens and legal-residents living overseas
Tangible Property Expensing Threshold Increase Small businesses benefit in expensing tangible property up to $2,500 and not be audited by the IRS. The action is proactive to tax years
prior to 2015. Affordable Care Act All Americans must declare having health insurance for the entire year or possibly be fined by the IRS. Expats must file Form 8965-Health Coverage Exemptions to declare their exemption. Expats are only exempted however if they pass the Bona-fide Residence or Physical Presence
tests. All Americans residing in the U.S. must declare their coverage for the year or face penalties. Many will receive a Form 1095 (A, B, or C) depending on the kind of health coverage. Some purchasing health coverage through a healthcare government website may receive a credit, or a penalty. If this is confusing, it is and Mir Taxes will assist your concerns. E-File Security Requirements In order to provide additional security to taxpayers, e-file software may require additional identification,
such as state driver’s license number and expiration information. ABLE Savings Accounts Beginning in 2015, states are allowed to create “Achieving a Better Life Experience” (ABLE) accounts for disability-related expenses. There is no federal taxation on these accounts. PATH Act of 2015 The Protecting American from Tax Hikes Act of 2015 was passed by Congress to extend several tax breaks. These include child tax credit, American Opportunity Education tax credit, Earned Income Tax Credit, Educator credit, deduction of state and local general sales taxes, tax-free distributions of IRA plans for charity, and increase expensing limitations. An additional credit extended through 2019 is the bonus depreciation credit. Extensions of tax credits through 2016 include qualified tuition expenses credit, mortgage insurance premiums and credit for nonbusiness property. Same Sex Marriage All states must recognize marriages between two people of the same sex for tax filing. Same sex married couples can now file their tax returns for federal and states with a filing status of either married filing joint or married filing separately. Questions? Contact Mir Taxes at carl@mirtaxes.com.
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