Fastest Growing Tax Office in Burlington, NC
2015Tax Season Starts
January 18, 2016
As part of the Affordable Care Act, the threshold percentage for when medical expenses are included as an itemized deduction on Schedule A for 2013 was changed to:
Taxpayer under 65: 10 %
Taxpayers 65 and older: 7.5%
Did You know?
You are required to have health insurance and if you do not you will receive a prorated penalty for each member of your household for the period of time they were uninsured.
The tax penalty will be on your 2015 tax return filed in 2016.
The penalty in 2014 was $95 per adult, $47.50 per child, capped at $275 or 1 percent of household income depending on income. Each year the penalty increases.
DE TAX AND ACCOUNTING SERVICES
The standard deduction amount has changed from
Single - $6,100
Head of Household- $8,950
Married Filing Jointly-$12,200
Married Filing Separately-$6,100
Earned Income Credit -Maximum Credit
- $6,044 with three or more qualifying children
- $5,372 with two qualifying children
- $3,250 with one qualifying child
- $457 with no children