Individual Newsletter                                                                   June 2015
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Summer time is just around the corner.  Hope everyone is ready for some fun in the sun!  However, here are some important deadlines we must remember.         

Tax Deadlines

  

June 15, 2015 - Estimated Tax Payment: The deadline for the second quarter estimated tax payment is June 15, 2015.  Tennessee residents must submit their payment to the Internal Revenue Service Center,  P O Box 931100, Louisville, KY 40293-1100, using Form 1040ES. Checks should be made payable to the "United States Treasury."  If you reside in another state besides Tennessee, please call us for the address.  If you want to make your payment to the IRS electronically go to EFTPS.gov. 
  
October 15, 2015 - Federal Income Tax Return:  If an extension was filed by April 15, 2015, the deadline for filing your 2014 federal income tax return is October 15, 2015.  If we do not have your tax information, please provide this to us.  If we do have your information, we will contact you as soon as we can. This is the final deadline. 
  

  

Mileage Rates for 2015 toy-car.jpg

 

Business Miles -    57.50 cents per mile                

Medical Miles -       23.00 cents per mile

Moving Miles -        23.00 cents per mile

Charitable Miles -  14.00 cents per mile

 

   

Health Care Penalty

 

In 2014, the penalty for not having health insurance was a calculation of $95 per adult or 1 percent of income whichever is greater.  If you do not have health insurance in 2015, this penalty will increase to $325.00 per adult or 2 percent of income whichever is greater.  This penalty will continue to increase drastically in 2016 also.  Penalties for any child who does not have insurance are also added to the parent's tax return.  If not everyone is covered in your family, you can obtain insurance thru the federal marketplace or thru a private insurance company like Benefit Plan Solutions, Inc. whose office is located in our building (phone number 584-0936) who can offer health insurance policies with the major insurance companies or can assist  you in obtaining insurance thru the federal marketplace.

 

6921 Office Park Circle Knoxville, TN  37909
                          865-588-5288


 

Please contact us if you have any questions or need tax planning for this year.  We are here for you!