The New Year will be here before we know it, and with the New Year come important things that taxpayers need to be aware are happening. In this article, we will outline 4 items taxpayers need to know in 2015.
- Tax Brackets have been updated to reflect inflation. The new rates do not apply to the return you file in April, 2015, but effective beginning January 1, 2015. They will be used when you file your return in April, 2016. Forbes has a great chart that goes over the new brackets, if you would like to see exactly where you fall in 2015.
- Changes to the Social Security wage base. On October 22, 2014 the IRS announced that the wage base for Social Security will increase $1,500 to $118,500, from $117,000 in 2014. You can learn more about the wage base increase here.
- IRA rollover limits have changed. In order to keep the taxpayer’s rollover tax free, they must have no previous rollovers over the previous 365 days. This one-per-year rule applies to rollovers between IRAs. To view the IRS statement regarding rollovers, please click here.
- Tax Benefits for Students. If you’re going back to school, there are tax benefits for you! The IRS has a great information center where you can learn more about all the credits available for students.
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These free resources should not be taken as tax or legal advice. Content provided is intended as general information. Tax regulations and laws change and the impact of laws can vary. Consult a tax advisor, CPA or lawyer for guidance on your specific situation.