Now’s the time to begin your 2015 tax planning

Whether you filed your 2014 income tax return by the April 15 deadline or filed for an extension, you may think that it’s a good time to take a break from thinking about taxes. But doing so could be costly. Now is actually the time you should begin your 2015 tax planning — if you haven’t already. A tremendous number of variables affect your overall tax liability for the year, and starting to look Continue Reading

IRS Announces Various Tax Benefit Increases for 2015

For tax year 2015, the IRS recently announced annual inflation adjustments for many tax provisions, including the tax rate schedules, and other tax changes. IRS Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest interest to most taxpayers include the following dollar amounts: Tax Item 2015 2014 Highest Continue Reading