The Internal Revenue Service announced cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2015. Many of the pension plan limitations will change for 2015 because the increase in the cost-of-living index met the
Tag: tax news
Moved? Notify the Insurance Marketplace
Moving Can Affect Your Premium Tax Credit If you moved recently, you’ve probably notified the U.S. Postal Service, utility companies, financial institutions and employers of your new address. If you get health insurance coverage through a Health Insurance Marketplace, the
Back-to-School Sales Tax Holidays
Some call state sales-tax holidays gimmicks that rely on bad tax policy and cost states much-needed money. Others say the tax-free shopping days boost local economies by getting more people into stores where their purchases might go beyond untaxed goods. But
2015 HSA Deduction Limits
The Internal Revenue Service (IRS) has released the 2015 inflation-adjusted deduction limitations for annual contributions to a Health Savings Account (HSA) which are updated annually to reflect cost-of-living adjustments. In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the
IRS Scam Warning
IRS Reiterates Warning of Pervasive Telephone Scam WASHINGTON — As the 2014 filing season nears an end, the Internal Revenue Service today issued another strong warning for consumers to guard against sophisticated and aggressive phone scams targeting taxpayers, including recent
Unemployment Benefits
If you lose your job or your employer lays you off, you may be able to get unemployment benefits. The payments may be a welcomed relief. But you should know that they are taxable. Here are five important facts from
Is Social Security Taxable?
Some people must pay taxes on part of their Social Security benefits. Others find that their benefits aren’t taxable. If you get Social Security, here is information to help you determine if some of your benefits are taxable. Here are
Medical and Dental Expense Deductions
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: AGI threshold
EITC Awareness Day
The Internal Revenue Service (IRS) invites community organizations, elected officials, state and local governments, employers, and other interested parties to join a nationwide effort on Earned Income Tax Credit (EITC) Awareness Day, January 31, 2014. IRS estimates four of five eligible
IRS Resources
The IRS will start processing federal income tax returns starting Friday, January 31, 2014. If you need tax help, the IRS website has forms, information, and IRS contact information you need. The quickest way to get federal income tax information