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Increase in 2015 Tax Benefits

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profit-expertDue to inflation adjustments, more than 40 tax provisions, including the tax rate schedules, have been changed for the 2015 tax year.  In a recent press release, the IRS shared those changes of greatest interest to most taxpayers:

  • The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates – 10, 15, 25, 28, 33 and 35 percent – and the related income tax thresholds are described in the revenue procedure.

  • The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100.

  • The limitation for itemized deductions to be claimed on tax year 2015 returns of individuals begins with incomes of $258,250 or more ($309,900 for married couples filing jointly).

  • The personal exemption for tax year 2015 rises to $4,000, up from the 2014 exemption of $3,950. However, the exemption is subject to a phase-out that begins with adjusted gross incomes of $258,250 ($309,900 for married couples filing jointly). It phases out completely at $380,750 ($432,400 for married couples filing jointly.)

  • The Alternative Minimum Tax exemption amount for tax year 2015 is $53,600 ($83,400, for married couples filing jointly). The 2014 exemption amount was $52,800 ($82,100 for married couples filing jointly).

  • The 2015 maximum Earned Income Credit amount is $6,242 for taxpayers filing jointly who have 3 or more qualifying children, up from a total of $6,143 for tax year 2014. The revenue procedure has a table providing maximum credit amounts for other categories, income thresholds and phaseouts.

  • Estates of decedents who die during 2015 have a basic exclusion amount of $5,430,000, up from a total of $5,340,000 for estates of decedents who died in 2014.

  • For 2015, the exclusion from tax on a gift to a spouse who is not a U.S. citizen is $147,000, up from $145,000 for 2014.

  • For 2015, the foreign earned income exclusion breaks the six-figure mark, rising to $100,800, up from $99,200 for 2014.

  • The annual exclusion for gifts remains at $14,000 for 2015.

  • The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA)  rises to $2,550, up $50 dollars from the amount for 2014.

  • Under the small business health care tax credit, the maximum credit is phased out based on the employer’s number of full-time equivalent employees in excess of 10 and the employer’s average annual wages in excess of $25,800 for tax year 2015, up from $25,400 for 2014. 

For more information on recent IRS tax news, please visit their official site at www.irs.gov.

Increase Your Options and Your Earning Potential

Tax law is continually changing, and because it can be difficult for individuals and small businesses to stay ahead of these changes, they generally enlist the help of a tax professional.  As an accountant, becoming a tax preparer enables you to increase your competitive advantage and your earning potential by taking advantage of this continual need!  And the training necessary to become a tax preparer isn’t as long and painful as you might expect.  Universal Accounting Center has made it easy.

Our Professional Tax Preparer program includes the following:

  • Informative video instruction
  • Full 1040 training
  • Full business return (1065, 1120, 1120S) training
  • One year follow-up Support from expert tax preparers 

The PTP course consists of 20 hours of video training. Most tax preparation courses include books and some worksheets. Our training uses engaging and entertaining tax preparers who give practical advice on tax issues; they also provide real-world solutions that will give you the edge in productivity and profitability. Our instructors know what challenges you will face because they have been there themselves. Call Universal at 1-877-833-7908 to enroll today.

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