2015 IRS Updates – Part 1

Irs Federal Income Tax Forms 1040 And Schedule DWith the mid-term elections behind us and the end of the year approaching, the IRS is working to gear up for the upcoming tax season. As part of this process, they’ve released several updates for limitations, write-offs and expected filing dates. We expect to see more as the end of the year gets closer, but here are a few of the highlights so far. This will be one of at least two posts on the subject.

  • Standard Deduction:
    • $12,600 Married Filing Jointly (MFJ)
    • $6,300 Single
    • $9,250 Head of Household (HOH)
    • $6,200 Married Filing Separately (MFS)
  • Roth IRA Phaseouts – income at which ability to use a Roth IRA is reduced or eliminated:
    • $183,000 to $193,000 MFJ
    • $116,000 to $131,000 HOH
    • $0 and $10,000 MFS
  • Section 179 expensing (unless renewed by congress)
    • $25,000 of deduction for equipment placed in service in 2014
    • Dollar for dollar phaseout of deduction starts at $200,000 of equipment purchases, if purchases are over $225,000, no deduction is allowed

More to come as we near the end of the year.

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About Brady Ramsay

Brady is the owner of Ramsay & Associates. He specializes in financial statement preparation and personal, fiduciary and corporate tax and accounting. His professional experience includes seven years' experience for local and national CPA firms before joining Ramsay & Associates in 2006. He has a Bachelor of Accounting degree from the University of Minnesota Duluth. He is a Certified Public Accountant, a member of the Minnesota Society of CPA's, an Eagle Scout, as well as an active volunteer in the community.