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TAX YEAR 2016 – TAX TIPS AND CHANGES
Here are some of the changes that are currently in place for Tax Year (TY) 2015 returns to be prepared in 2016. Keep in mind that it is possible that legislation will be passed sometime in 2015 which could change the below.
Tax Day is April 18, 2017.
Tax penalties related to Obamacare are going up again.
Standard deduction, personal exemption, Earned Income Credit and tax bracket are rising slightly.
Itemized Deductions limited for relatively high income taxpayers; for single taxpayers they begin to phase out when AGI reaches $258,250, for Married filing joint taxpayers when AGI reaches $309,900.
Contribution limits on HSA are going up.
Affordable Care Act - Individual
The Health Insurance Marketplace - Learn about Your Health Insurance Coverage Options. If you don’t have coverage or if you have it but want to find out about other options; help is available at the Health Insurance Marketplace. While no one is required to use the Marketplace, if you need insurance, it may be right for you. The Marketplace is where you can find health insurance coverage options that fit your budget and meet your needs.
The Department of Health and Human Services administers the requirements for the Marketplace and the health plans they offer.
Child and Dependent Care Credit
You may be able to claim the child and dependent care credit if you paid expenses for the care of a qualifying individual to enable you and your spouse filing a joint return to work or actively look for work. You may not take this credit if your filing status is married filing separately. The credit amount is a percentage of the amount of work-related expenses you paid to a care provider for the care of a qualifying individual. The percentage depends on your adjusted gross income.
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