Monthly Archives: January 2016

10 Elections That Can Save Money on Your 2015 Federal Taxes

This year’s presidential election has drawn significant attention, but the elections you make on your 2015 personal tax return can be just as important to your financial welfare. Here’s a list of 10 potential elections for individuals (including self-employed taxpayers) to consider making before tax day on April 18, 2016 (or April 19 for taxpayers… Read more »

IRS Extends ACA Filing Deadlines

Employers and other organizations got some good news from the IRS for the start of the new year. The tax agency announced that it’s extending the due dates for filing 2015 Affordable Care Act (ACA) information returns. This gives employers extra time to complete two tasks: 1. Provide the forms to the recipients and 2…. Read more »

Important Tax Figures for 2016

The following table provides some important federal tax information for 2016, as compared with 2015. Many of the dollar amounts are unchanged or have changed only slightly due to low inflation. Other amounts are changing due to legislation.   Social Security/ Medicare 2016 2015 Social Security Tax Wage Base $118,500 $118,500 Medicare Tax Wage Base… Read more »