Here is a quick look at 2015 tax rates and their associated income levels. Use this information to help prepare for your tax situation this year. Using your 2014 tax information, you can plan for your tax obligation next year starting now.

Don't forget that tax payers in the higher income levels are also subject to an additional .9% Medicare surtax as part of the Affordable Care Act. This will impact those with incomes over:

 In this issue:

• Extender Bill Passes
• Peer-to-peer Lending Goes Public
• 2015 Standard Mileage Rates
• Getting Organized for 2014 Tax Filing

The Month of January:

• January 15th:
  • 4th quarter estimated tax payment due
• Action Items:
  • Start gathering 2014 tax information
  • Review 2015 W-2 withholdings
  • Set 2015 financial goals

With the flip of a switch, a number of tax provisions that expired at the end of 2013 are now back on for 2014 tax returns. Outlined this month is a list of the more common laws that have been extended for 2014, but are off once again in 2015. Also included are the mileage rates for use in 2015, a general interest article describing the increasingly popular peer-to-peer lending phenomena, and a quick recap of things to consider as you start gathering your 2014 tax records.

Should you wish to review your situation please feel free to call. Also feel free to forward this newsletter to someone who may benefit from this information.

I want to thank all of my clients for their continued confidence in our firm. 

IRS publishes 2015 tax numbers

Keep these numbers in mind when thinking about the 2015 tax year....

* SOCIAL SECURITY taxable wage limit increases from 2014 limit of $117,000 to $118,500 for 2015. Retirees under full retirement age can earn up to $15,720 without   losing benefits.

The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will increase in 2015 by 1.7%. This increase is based upon the Consumer Price Index over the past 12 months ending in September 2014. In addition, other figures based on the national average wage index will also be changed. A recap of the key amounts is outlined here:

2015 Health Savings Account Limits
The savings limits for the ever-popular Health Savings Accounts (HSA) are now set for 2015. The new limits are outlined here with current year amounts noted for comparison purposes.

What is an HSA?

An HSA is a tax advantaged savings account to pay for qualified health care costs. The contributions are made on a pre-tax basis. There is no tax on the funds contributed, the interest earned, or investment gains as long as the funds are used to pay for qualified medical, dental, and vision expenses. To qualify for this tax-advantaged account you must be enrolled in a “high deductible” health insurance program as defined by HSA rules.