Tax Facts
- Estimated taxes for 2014 are due 4/15, 6/15, 9/15 and 1/31. Don’t be late penalties are severe
- IRA, SEP IRA and 401K contribution amounts have been increased for 2015.
- Additional contributions allowed if over 50 $18,000 per person and if over 50 $24,000.
- Health Savings accounts are becoming more popular. Check with your insurance agent for possible providers. California does not allow deductions for these plans.
Your child may no longer qualify as your dependent. Discuss new rules with your tax advisor. - The IRS can audit your returns within 3 years of filing and California within 4 years. Please keep tax related documents for at least 5 years and keep ALL of your tax returns
- BEST KEPT SECRET – Health Savings accounts funding allows you to deduct these funds on page one of your tax return. Check with your insurance agent for possible providers
- Your child may no longer qualify as your dependent. Discuss new rules with your tax advisor.
- You only have 3 years to file your return before losing a refund due you.
- Home office deduction now easier with new tax law starting in 2013.
- Effective 2014 all Americans must be covered by health insurance or penalties will be charged on your personal tax returns. Go to www.coveredca.gov for more
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