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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

Qualifying Widower-$12,200

Earned Income Credit -Maximum Credit