5 THINGS TO KNOW AS 2015 TAX SEASON APPROACHES
07 DEC 2015

Posted by robbie Categories: TAXES Comments: Post closed for comments

By Robbie Terry-Washington, CPA

  1. ACA – Affordable Care Act – Don’t miss out on the Individual Premium Tax Credit or The Small Business Health Care Credit. These are refundable tax credits and can yield a possible tax refund. Are you eligible?
  2. ALE – Applicable Large Employer – company who employs 50 or more employees. Have you provided minimum essential health coverage to your employees? If not, you may be eligible for transitional relief for your 2015 tax reporting to avoid the IRS harsh penalties.
  3. The IRS has a new program for the Disabled call “ABLE.” This program allows a tax free account to be set-up for qualified expenses and there is no federal taxation on the funds.
  4. Same Sex – Marriage and taxes. The Federal government recognizes same sex marriages for tax filing purposes but beginning with the 2015 tax season, all STATES must also recognize same sex marriage for tax filings.
  5. Businesses can now expense up to $2,500 on tangible purchases. Previously the IRS only allowed $500. Items such as computers that had to be capitalized and expensed over a 5 year period can immediately be expensed. This will greatly reduce or minimize tax liabilities.
Robbie Pic01-RTW-COLORwww.rtwxxact.com; info@rtwxxact.com; 216-533-6586