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2015 Tax Tips

  • IRS tax scams are on the increase and scammers are getting sophisticated and smarter.
    You as a taxpayer have a set of fundamental rights when dealing with the IRS. This includes Right to be Informed, Right to challenge the IRS, Quality of Service etc. details are given in IRS Publication 1.
    Be aware of your rights and outsmart the scammers.

  • Annual inflation adjustments have been made in 2015 impacting more than 40 tax provisions including AMT, standard and itemized deductions.

  • The Affordable Care Act (ACT) requires legal residents to maintain qualifying health coverage for themselves and their dependents for the entire year or be subject to penalty. The penalty will be reported and paid as part of your tax returns.
    Under ACT large employers are subjected to penalty for not providing insurance, whereas small employers receive tax credit for providing insurance to their employees.

  • Tuition is deductible when it pays for coursework that enhances skills necessary for an established job or business, as well as any courses required by an employer. In a recent ruling Tax Court Judge Kathleen Corrigan ruled against an MBA student who had claimed tuition costs. In her ruling, Judge pointed to the fact that student’s employers did not require him to enroll in an MBA program, and that he was not consistently carrying on a trade or business.

  • Receipts from Salvation Army or Goodwill with vague descriptions are not enough substantiation for noncash contributions. Donated items should be in good use condition or better, therefore detailed statements complete with pictures will help. Deductions are based on fair market value and not the purchase price of the donated items.

  • Make sure to claim your HSA/FSA amount for the year 2014, contact your HR if you have questions. Save all your tax documents and backup.

  • Take time filing your tax returns, do not rush, we all make mistakes when we file in a hurry if required take an extension. If you plan to take an extension you still need to pay your tax due by April 15 2015 to avoid penalties and interest.
    Get organized and look out for 2014 tax documents including cost basis from your brokerage company. Remember IRS gets a copy of all your tax documents. You may miss out on some information but IRS will not.

  • I take quality of my work and client satisfaction seriously. My firm went through a peer review, wherein an independent CPA reviewed my work. Similarly it is important to get your tax returns done by a professional CPA and have peace of mind.
    I provide complete solution to my clients by simplifying tax jargons, educating them about their returns; provide yearlong consultation, reply to IRS queries and notices.
    Importantly I personally work on my client’s tax returns they are not handed over to any other individual or firm.

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