To Clients and Friends of Denby Financial Services –
Happy New Year to you and your families! Although it’s been a cold start to 2015 we have not had to endure the back to back snow storms and frigid temperatures of last year…….so far 🙂
Tax Year 2014
Please note the IRS will begin accepting 2014 tax returns on Tuesday January 20, 2015. It’s time to be on the look out for W2’s from employers, 1099’s, and any other important tax related documents. I encourage existing tax clients to contact me as soon as possible to schedule an appointment to review your documents and begin the filing process. Avoid the stress of waiting to the last minute and extra time can be a benefit to resolve any unforeseen issues.
2014 Tax Law Changes
Here are just a few changes that may impact 2014 returns:
- Uninsured Health Care Penalty – unfortunately there is a basic penalty of $95 for being uninsured in 2014 ($285 maximum per family); however there are certain exemptions…I will work with any clients to review this in detail
- Premium Tax Credit – anyone who enrolled through the Health Care Marketplace and obtained a subsidy should receive Form 1095-A from the Marketplace. There is a reconciliation that will take place if an advance insurance premium credit was received, otherwise any benefit to the taxpayer will be calculated on their 2014 tax return. I know these items maybe confusing, however my latest software updates are prepared to help sort through the complexities of the health care law changes.
- Standard Deductions Increase slightly – Married $12,400; Single $6,200; Head of Household $9,100 (additional deductions are available to those age 65 or older)
- Personal exemptions – Increase to $3,950
- IRA deductions – remain at $5,500; an additional $1,000 for those 50 years or older
Additionally I would like to note that I have completed the voluntary Annual Filing Season Program for 2015, through the IRS, which requires additional continuing education for tax preparers covering 2014 tax law changes, ethics, and other tax law topics.
Lastly, as a Registered Investment Advisor I’m now able to provide clients with advice and access to investment products and facilitate the opening of IRA’s, Investments Accounts, Educational Accounts, and Rollovers. Please contact me for more information. (All Securities offered through AOS, Inc. doing business as MoneyBlock)
Best Regards – JD