24 THE QUEENS COURIER • FEBRUARY 11, 2016 FOR BREAKING NEWS VISIT www.qns.com tax tips Important Changes for the 2015 Tax-Filing Season BY BARRY LISAK With the New Year come new tax laws. For most taxpayers with modifi ed adjusted gross incomes (MAGI) under $200,000 (single) and $250,000 for married couples fi ling jointly, income tax rates won’t increase and most tax-relief provisions remain in effect. Here is a summary of major tax provisions that could impact you and your family. Tax rates. Higher income tax, ordinary COMMUNITY allows a credit up to $2,500 in qualifi ed secondary educational expenses (tuition, fees, and materials) to be deducted for qualifi ed students. Alternative Minimum Tax (AMT). The AMT is permanently “patched” (with infl ation adjustments). For 2015, the AMT exemption is $53,600 for single fi lers and $83,400 for joint fi lers. Estate Taxes. In 2015, the maximum estate-and-gift tax is 40%. The exemption amount is $5.43 million dividend tax, and capital tax (indexed for infl ation). rates are in effect for 2015 for higherincome Gift Taxes. The annual gift exclusion taxpayers. The 39.6-percent amount remains $14,000 tax rate applies to income over a specifi phase-out rules. Single taxpayers with investment income will be in effect ($28,000 per couple). ed amount: $413,200 for single fi lers, incomes exceeding $258,250 (married for 2015. Individual taxpayers earning Teacher Expenses. $250 “abovethe $464,850 for married fi lers. These taxpayers exceeding $309,900) over $200,000 (married over line” deduction for unreimbursed dollar amounts are infl ation-adjusted will be impacted by both of these $250,000) will be impacted. classroom expenses for educators. for the 2015 tax year. The old rates phase-outs. Retirement amounts. For 2015, IRA Sales taxes. Deducting the generalsales ranging from 10 percent to 35 percent Medical deduction. Only medical contribution limits remain at $5,500 tax itemized deduction in lieu of NEWSPAPERS remain in effect for lower-income expenses that exceed 10- percent of or $6,500 if participant is 50 or older. taking a state income tax deduction is brackets and are now permanent. your adjusted gross income (AGI) will Annual contributions to plans such extended into the 2015 tax year. The long-term capital gains rate is 20 be allowed to a deduction. However, as 401(k)s will rise to a maximum Tuition-and-fees deduction. Subject percent for single fi lers with incomes taxpayers who are 65 years of age or $24,000; $18,000 At in regular contributions, to income requirements, the tuition exceeding $413,200 ($464,850 for Gilman older will still have a medical deduction plus $6,000 in catch-up contributions and fees deduction (up to $4,000) is married taxpayers fi ling jointly). The fl oor of 7.5 percent through for those 50-plus. extended to 2015. top rate stays at 15 percent for most 2016. Also, the Flexible Spending American Opportunity Tax Credit Child Tax Credit.$ You will be able other taxpayers. Accounts (FSA) offered by employers (AOTC). The AOTC (formerly named to reduce your Federal income 99*tax by Itemized-Deduction and Exemption has an annual cap of $2,550. the Hope Credit) is extended through up to $1,000 for each qualifying child phase-out. Itemized deductions and Medicare taxes. An additional 2017. Within income thresholds,And single under the age of 17. personal exemptions, which is $4,000 0.9-percent Medicare tax on earnings taxpayers $90,000 and married All taxpayers should be aware of for 2015, will be subject to the and 3.8-percent surtax on net fi ling jointly, $180,000, this provision these changes and plan accordingly.that’s We like saving like to help you.never been a Call to schedule 181 Call to schedule an appointment! * For first time customers only. Includes:s NEWSPAPERS At Gilman Ciocia, you’ll pay just $99* for tax preparation. never been a better time to take control of your taxes. We like saving people money on their taxes – and we’d like to help you. With the economy the way it is, there’s Call to schedule an appointment at our new office! 35-30 Francis Lewis Blvd., Suite 205 181 East Jericho Turnpike Flushing, NY 11358 718-683-5722 Mineola, NY 11501 516-277-9499 www.gtax.com * For first time customers only. Includes: basic federal and state return. Does not include any additional forms and/or schedules, Cannot be combined with any other offer. 143607C COMMUNITY And that’s only the beginning. ANTON which will incur extra charges, Offer available for 2015 tax returns only. Limit one coupon per customer.
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