Three tips to start the tax
filing season
● Check
whether your children need to file a 2015 tax return. They'll need to file if
wages exceeded $6,300, self-employment income was over $400, or investment
income exceeded $1,050. When income includes both wages and investment income,
other thresholds apply.
● Consider
whether you'll contribute to a Roth or traditional IRA. Since you have until
April 18 to make a 2015 contribution (April 19 if you live in Maine or
Massachusetts), you can schedule an amount to set aside from each paycheck for
the next few months. The maximum contribution for 2015 is the lesser of your
earned income for the year or $5,500 ($6,500 when you're age 50 or older). Be
sure to tell your bank or other trustee that these 2016 contributions are for
2015 until you reach the 2015 limit. You can then deduct these 2016 amounts on
your 2015 tax return for a quicker tax benefit.
● Do
you need to file a gift tax return? For 2015, you may need to file a return if
you gave gifts totaling more than $14,000 to someone other than your spouse.
Some gifts, such as direct payments of medical bills or tuition, are not
subject to gift tax. Gift tax returns are due at the same time as your federal
income tax return.
Call us for more tips on
getting ready for filing your 2015 income taxes.
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