Every year brings a bit of change to federal tax laws. Some years bring much more change than that. In 2015, we have many changes and cost-of-living adjustments worth noting.
How soon can taxpayers file? Tax season will start on January 20, right on time. The Internal Revenue Service will begin accepting electronically filed returns and paper returns on that date. Federal tax refunds may arrive a little later than you would like this year due to IRS staffing cutbacks.1
By the way, did you get that inaccurate email? More than a few taxpayers have opened up a widely circulated email warning about estate tax, payroll tax and capital gains tax increases in 2015. This email – its origin unknown – makes it sound like these higher tax rates apply to everyone. Not true. The tax hikes mentioned in the message actually went into effect in 2013 and impact only the wealthiest U.S. taxpayers.2