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In this issue of our Case | Sabatini Newsletter, we share a selection of the top 10 tax developments of 2014 with an impact on 2015, information about the president's State of the Union tax proposals, reporting health insurance on your tax return, the new mileage rates for 2015, and more.
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Top 10 Tax Developments of 2014
With Impact on 2015
2014 was a notable year for tax developments on a number of fronts. Selecting the "top ten" tax developments for 2014 necessarily requires judgment calls based upon uniqueness, taxpayers affected, and forward-looking impact on 2015 and beyond. The following "top ten" list of 2014 tax developments is such a prioritization. Nevertheless, other 2014 developments may prove more significant to any particular client, depending upon circumstances. Please feel free to contact this office for a more customized look at the impact of 2014 developments upon your unique tax situation. Having said that, click here to read our selected "top 10".
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Details of the President's State of the Union Tax Proposals
Written By Alistair M. Nevius, J.D., published in the Journal of Accountancy - President Barack Obama used Tuesday's State of the Union address to announce that he will propose tax increases for higher-income individuals and provide tax relief for middle-class taxpayers. Ahead of the speech, the White House provided details of what the president plans to propose, which it characterized as simplifying the Internal Revenue Code, eliminating loopholes, and helping "middle class families get ahead and grow the economy." Click here for full article.
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How to Report Health Insurance on Your Tax Return for Obamacare
Written by Kelly Phillips Erb, Contributor, Forbes - If you believe the headlines, sorting out the Affordable Care Act (commonly referred to as "Obamacare") is going to be the single worst moment of your 2015 tax filing season.
That might be true for some taxpayers. But most taxpayers - about 130 million or so - aren't going to feel any pain at all. That's because figuring out how to report coverage for those taxpayers who had coverage during the year for purposes of Obamacare isn't hard. If you had "minimum essential coverage" for all of 2014 and you are not a dependent, you simply check the box on your tax return and move on. There are no calculations to figure and nothing to enter in the dollar column. You're done. See full article.
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New Standard Mileage Rates Now Available; Business Rate to Rise in 2015
WASHINGTON - The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes.
Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
- 57.5 cents per mile for business miles driven, up from 56 cents in 2014
- 23 cents per mile driven for medical or moving purposes, down half a cent from 2014
- 14 cents per mile driven in service of charitable organizations
For details, click here.
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Rosemarie (Estes) Dorman
Director of Marketing
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Case | Sabatini
470 Streets Run Road
Pittsburgh, PA 15236
Phone: 412-881-4411
Fax: 412-881-4421
twitter: @CaseSabatini
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Case | Sabatini is a regional professional services firm based in the South Hills of Pittsburgh. Our firm is regional by design, not by default.
Our clients receive the same high-level personal attention and direct partner/manager involvement normally associated with smaller firms, but they also benefit from the comprehensive service, resources, and expertise of a national firm. Learn more about us by clicking here! |
Congratulations to Gilbert E. Davis, CPA, PFS, Partner and Managing Director of CSD Financial for receiving the 2015 Five Star Wealth Management Award, naming him as one of the top wealth managers in client satisfaction by Pittsburgh Magazine for the 7th year in a row!Pittsburgh Magazine will publish the full article in their July, 2015 issue.
Learn more about Gil!
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Congratulations to
Daniel J. Hellmann, CPA, Managing Partner,
recently awarded for being a 2014 Five Star Certified Public Accountant.
The 2014 Five Star Certified Public Accountants are a select group, representing less than 1% of the certified public accountants in the Pittsburgh area.
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From the desk of
Gil Davis, Jr., CPA/PFS Director of Financial Services, CSD Financial
Partner, Case | Sabatini
Your special financial report is now online:
A Penny Saved is a Penny Earned
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