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
Things you can do before & for 2015.
What financial, business or life priorities do you need to address for 2015? Now is a good time to think about the investing, saving or budgeting methods you could employ toward specific objectives. Some year-end financial moves may prove crucial to the pursuit of those goals as well.
What can you do to lower your 2015 taxes? Before the year fades away, you have plenty of options. Here are a few that may prove convenient:
Make a charitable gift before New Year’s Day. You can claim the deduction on your 2014 return, provided you itemize your 2014 deductions with Schedule A. The paper trail is important here.1