Rotary Club of New Berlin, New Berlin RotaryA brief review of changes in tax laws
 
Long-time member Dale Worden, CPA, puts a little enthusiasm into what he calls a "boring" topic: changes in the tax laws. During our Jan. 28 meeting, Dale reviewed some of the changes to expect for 2015, as well as reporting needs for filing last year's taxes. Some highlights from his presentation:
 
- New forms related to federal healthcare law. Use Form 8962 if you earned a credit, form 8965 if you need to pay the penalty.
 
- If you purchased insurance through the federal exchange, you should receive a form 1095A from the insurance company by Feb. 1.
 
- Residential energy credit: Available only for major solar improvements to the home.
 
- Mileage expense increases this year to 57.6 cents/mile. The rate for 2014 was 56 cents/mile.
 
- The income ceiling for Social Security tax was $117,000 in 2014.
 
- Medical expense floor for deduction is now 10%; that's up from 7.5%.
 
- Some previously allowed deductions have been phased out. Read the materials carefully. Dale stressed that everyone's situation is different. Consult with a tax specialist if you have questions.
 
Dale also took a moment to caution us about IRS scams being reported. Callers claimed to be from the IRS, and threaten residents with imprisonment or seizure of their automobile. Report those calls to authorities.
 
On a side note, Dale is our most veteran member, having served our club continuously for more than 40 years. Congrats and thanks, Dale!
Long-time member Dale Worden, CPA, puts a little enthusiasm into what he calls a "boring" topic: changes in the tax laws. During this meeting, Dale reviewed some of the changes to expect for 2015, as well as reporting needs for 2014's taxes - See more at: http://rotaryclubofnewberlin.org/PhotoAlbums/scenes-from-club-meetings-events-2015#sthash.9QA0UwjX.dpuf
Dale Worden, CPA - Long-time member Dale Worden, CPA, puts a little enthusiasm into what he calls a "boring" topic: changes in the tax laws. During this meeting, Dale reviewed some of the changes to expect for 2015, as well as reporting needs for 2014's taxes. - See more at: http://rotaryclubofnewberlin.org/PhotoAlbums/scenes-from-club-meetings-events-2015#sthash.Eb0h1fs9.dpuf