While the last few years have been some cause for concern, and 2015 may not be any different, all you can really do for your business is be prepared. With tax season just a few weeks away, and Delayed processing and slow refunds are not something you can control but the few things you can control should be handled the right way. Here are some tips to placate your inner boy/girl scout and prepare your business for the tax season ahead.
- Yes, it is all still about Obamacare and this is the year that it will start affecting tax season, so buckle up. There are many different factors on whom, how and why but the main points are who has the required insurance and who doesn’t will have to pay penalties (this may also change what tax forms you must fill out), this will be done by either checking a box or filling out a different form, altogether.
- The premium tax credit for Obamacare has some going cross-eyed. If you personally sought coverage, a credit can either be applied to your taxes, or if you received a credit when coverage began, you must claim it. Things that can change the tax credit: marriage, divorce, having a baby or adoption, relocating, large change in salary, etc. These life changes are why a 60 day enrollment grace period allows you to change your coverage.
- Another change in tax low limits IRA roll-overs. If you are new to this, an IRA roll-0ver is when IRA owners would take out small loans off of their retirement accounts. These loans would typically be for 60 days and would include no penalties or interest but could be used on multiple IRAs. Well, thanks to a change in tax laws last year, these are now extremely limited to one IRA-to-IRA loan per year.
- Same-sex filings are more prominent now than they have ever been as our country’s civil rights progress and same-sex couples need to be aware of tax laws. It is important to note that the IRS accepts same-sex filings, even if your state does not recognize the marriage. Talk to your tax office about changes in law and what benefits the two of you as a couple.
- It’s funny what the digital age has done to us as a society and it isn’t more noticeable than with the IRS taxing virtual money. Money like bitcoin is used throughout the world for various reasons and the IRS is trying to keep up with virtual currency. Since there is no legal tender for it, the IRS has decided to treat such as physical property. There are special circumstances, though, like paying employees with virtual currency is considered taxable income and investors paying income taxes on virtual holdings acquired with virtual currency.
BE AWARE OF TAX SCAMS!! I am yelling this at you for good reason. Don’t be one of those people left holding an empty bag at tax season. Don’t speak on the phone to strangers about your personal information… ever! Either use your own accountant regularly or file yourself but stay aware of whom you give information to and do not become a victim of identity theft.
These are just some tax tips to help filing a little bit easier this year. Some tips are new and some are tried-and-true but you need to know what is required and how to be prepared to make April 15th a day to forget.