Tax Season is on Schedule
Many of us were watching closely to see if a possible government shutdown would cause a 2015 tax season delay. Last-minute negotiations allowed Congress to pass a tax extenders bill that, according to the IRS, has kept tax season on schedule for an opening date of January 20, 2015.
Click Here to review the announcement.
Tax Freeze Checks are on Their Way
If you live on Long Island and are expecting a property tax rebate check from New York State and haven't received it, the good news is that they should be coming soon. After several delays, homeowners eligible for the STAR program may finally see their rebates.
Click Here for a Newsday article on the subject
IRS Issues a New Publication on Health Care Coverage Reporting
The IRS recently issued a new publication explaining how the Affordable Care Act will affect your 2014 tax return which you'll be filing this tax season. The publication provides important information for taxpayers that had recently purchased, or did not have health insurance for each month of the year (2014). Additionally, you'll find it valuable to review if you may be eligible for an exemption of coverage, had payments of the premium tax credit sent to your insurance provider in advance or are claiming the premium tax credit on your return.
Click Here to learn more and review the publication.
IRS Ownership Rules and Recognized Trust Tax Savings Advice
As IRS tax codes become more and more complex, solid tax savings advice related to property ownership and transferring assets can make a big difference when determining personal tax liability. While certain benefits may be obvious to filers who have a reliable tax planner, other lesser-known trust benefits can be very valuable.
Click Here to read a Forbes article on this topic.
Click on one of the following for additional updated information:
• Client Line February 2015 Newsletter
• Tax Report January 2015 Newsletter
To learn more about Sanders Thaler Viola & Katz, LLP, visit www.st-cpas.com.