Money & Tax Time Coming

Since tax time is coming soon, I decided to leave my “political” venting for awhile. But can’t guarantee I won’t be back sometime in the months ahead! So stay tuned! Let’s focus for the moment on this other “taxing” topic for now.

You probably have already faced some changes that happened when you submitted your 2014 tax returns. You will again face them with additional changes for your 2015 return. Check out those changes at these resources, https://www.irs.gov/uac/Newsroom/ (type “2015 tax changes” in search field) and https://turbotax.intuit.com/tax-tools/ (click on any link button applicable to your needs; or type “Tax Changes You Need to Know for 2015” in browser search field).

One source you may find interesting to find out what you need to know is from Olivia Lowenberg, Tax season is open for 2016: 10 changes and five weird deductions (January 19, 2016), Christian Science Monitor (http://www.csmonitor.com/, type Tax season is open for 2016 in search field).

Lowenberg offers several IRS links and others for those who want to dig deeper. Here are just a few changes listed to learn more and check out the links provided:

  • Have federal tax debt, IRS can revoke passport privileges
  • Tax Season Going Online
  • Not having health insurance will cost you
  • American Opportunity Tax Credit made permanent, capped at $2500
  • Contribution limits stay the same for IRA, Roth IRA, and 401(k) plans

Other interesting tax tidbits include tax filing date extended, Tax brackets have moved slightly, IRS has raised HAS contribution limits, Earned Income Tax Credit made permanent for those who qualify, weight loss programs, moving expenses, business entertainment, office-home.

Hope these resources help you ease into filing your 2015 returns. And remember to smile along the way as you count your blessings of faith, family, and friends. It just may help you focus on what is most important and treasure those more “taxing” moments coming.