Changes in the tax code are coming – are you ready? There’s some good news : The threshold for tax brackets and personal exemptions is higher. The bad news: there are more restrictions on retirement account rollovers. Here are some highlights, according to the IRS.
Standard Deductions – This has increased to $6,300 for singles and married couples filing separately, up $100 from 2014. For married couples filing jointly, it rises by $200 (from $12,400 to $12,600).
Heads of Household –The standard deduction increases by $150 (from $9,100 to $9,250).
Tax Thresholds – Tax bracket limits have increased by a few hundred or thousand dollars. For example, the break point for the 39.6 percent tax rate starts at $413,200 for single filers, up from $406,750 last year, and $464,850 for joint filers (up from $457,600).
Personal Exemption – This will increase in 2015 by $50 (from $3,950 to $4,000). A phase-out begins when adjusted gross income exceeds $258,250 (individual) and $309,900 (joint). It phases out altogether at $380,750 (individual) and $432,400 (joint).
Itemized Deduction Limit – The limit starts at $258,250 for single filers and at $309,900 for joint filers.
IRA Rollovers 2015 – Starting in 2015, taxpayers are allowed only one IRA-to-IRA rollover per year, instead of one rollover per account per year.
Flexible Spending Account Contributions – If your employer sponsors an FSA, you can contribute up to $50 more next year ($2,550)
Earned Income Credit – The maximum has increased across income brackets. Joint filers with three qualified children can claim $99 more (from $6,143 to $6,242).
Estate Taxes – If a loved one passes away in 2015, the basic exclusion of estates increases $90,000 (from $5,340,000 to $5,430,000)
Scam warnings: Beware of phishing by email, text and social media as well as scam phone calls. If you are contacted electronically by the “IRS Taxpayer Advocate Service” requesting personal or financial information, do not respond. Report it to the IRS at email@example.com. If you receive harassing phone calls demanding immediate payment by credit card, or threatening police action, call the IRS or email www.tigta.gov.
The IRS does not reach out to taxpayers via email, texting or social media, and it never asks for personal or financial information electronically.
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Your 2015 federal income taxes aren’t due until April. While that might seem like a long time from now, it’s never too early to find and organize receipts for 2014 — things like home-based business expenses, charitable donations and any losses that can be deducted. If you’re not sure what you can deduct, don’t worry: H&R Block’s expert tax preparers can help and offer you peace of mind. The company enjoys a 100% accuracy and satisfaction rate.
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