Preparing for the New 2015 Tax Codes

Roanoke, VA -- (ReleaseWire) -- 09/30/2014 -- With only a few months left in 2014, American’s must begin tax planning for 2015.

Each year the IRS and individual states release their updated national and state-wide tax codes. While many tax codes will remain unchanged, there are always new codes, or new thresholds for current tax credits and deductions. With only a few months left in 2014, both individuals and business owners must begin to prepare for the 2015 tax year.

The best place to begin, is by meeting with a tax advisor to discuss any changes from 2014 to 2015, which will affect the ways in which tax obligations need to be managed. This includes accounting for new credits and deductions, and how to manage finances related to the applicable personal or professional tax bracket.

There are numerous changes to 2015 tax code, that all American’s need to place on their radar in order to insure that 2015 taxes are properly prepared and filed. Individuals with simple taxes, may not experience many changes to their current tax obligations—but individuals who plan to marry, divorce, have children, purchased property, launched a new business, or experience a major increase or decrease in salary in 2015 must ensure they are aware of the tax codes that apply to them.

In regards to personal taxes, a few noteworthy changes are that individual tax brackets will increase slightly in 2015, and personal exemptions and standard deductions will rise slightly. 2015 will also bring with it the first tax adjustments related to Obamacare. President Obama has also proposed to double the Earned Income Tax Credit for individuals without children, and expand tax credits for American’s making minimum wage. These changes will help to ease the tax burden, and offset annual inflation.

In regards to business taxes, small business owners are likely to be able to expense a much larger portion of their capital expenses than in the last few years. Changes are also being made to capital gain taxation on investments in small business stock—which will encourage more business related investing and savings.

Tax codes can be accessed online from the IRS, but to simplify the process, working with a tax advisor can make decoding tax terminology—and determining tax obligations faster and easier to achieve.

CPA Micah Fraim is available for a free consultation for both personal and business tax, accounting, payroll, and financial planning needs. Micah specializes in long-term financial planning, and business consulting—and serves the Roanoke, VA area.

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