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Tax Season News

Posted by Admin Posted on May 19 2016

The IRS is now accepting all tax returns via their e-file program.  The biggest single change that is required this tax year for an individual taxpayer has to do with ACA compliance –   http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/Affordable-Care-Act–What-to-Expect-at-Tax-Time.  As a reminder, with the start of the new calendar year it’s a very good time to update your income tax withholding from wages with your employer, which can be done by completing a Form W-4.  The IRS offers a useful “withholding calculator” tool, for your use in determining how much withholding to have taken out of your wages or retirement benefits. Also, please note the following IRS allowable mileage rates for the 2015 calendar year; business rate of 57 1/2 cents per mile, charitable rate of 14 cents per mile, and the medical and moving rate of 23 cents per mile.  Finally, please bear with us as we update our firm’s website for tax and payroll related resources and links, and certainly contact us, if we can answer your questions, or if you’d like to schedule an income tax appointment with our firm.