First, I’ll give you links to my standard Taxes for Writers
post from last year, and another post on DBAs that you may find helpful.
Second, here are some of the changes to the tax code for
2015 taxes. I hope I got the most relevant ones.
Increased penalty for not having health insurance. Here are
exceptions to the penalty:
A new tax credit for getting health coverage through
state-run exchanges. You can either claim this with your insurance company to
lower your premiums, or can claim it on your taxes.
FSA (Flexible Spending Account) limits have gone up. There
are also changes in rollovers. If you roll over into next year the $500 you
were previously permitted, you can’t do an HAS (Health Savings Account). (You
can still carry over FSA money for specific expenses and those include caring
for a relative at home, which is nice.)
Bitcoin income will count this year, back to 2014. (Is that
crazy or is it just me?)
401(k) limits have gone up. If you’re under 50, you can
contribute $18,000, an increase of $500. For those over 50, the limit went up
$6000 to $23.000. Sometimes it’s good to be older.
The income brackets changed. Here’s a 22-page IRS link. Page
5 is the beginning of the bracket information.
IRA rollovers—only one per year.
Standard deductions up (I would hope so, don’t they always
go up?), but not much. $100 for single and $200 for married filing jointly.
See the first link below for some odd deductions, in case
you’re taking clarinet lessons to correct an overbite, or you give business
gifts, or your doctor is treating you for weight loss.
Basic information from:
More information is also here, on myRA, foster care of
relatives:
And, of course, here:
Disclaimer: I am not giving
professional legal, tax, or accounting advice. The above are what have been
helpful to me as a writer, filing taxes, looking at this as a formal tax
professional.
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