Wednesday, December 30, 2015

2015 Health Insurance Penalty

The 2015 health insurance penalty  for persons not covered by health insurance  has increased significantly. When the health insurance  penalty  rolled out in TY 2014,  it  was $95 per person or 1% or their income.  The  penalty  for TY 2015 $325 per person or 2 percent of their income.  Persons eligible  for one of the  many exclusions may required to apply for a certificate from the state or federal marketplace and present the certification when preparing  TY 2015 return.

Tuesday, December 29, 2015

Tax Deduction - Business Mileage

Does your employer require you to travel for work using your car? If your employer does not reimburse you for this work-related expense, you can claim the business mileage  deduction on your tax return. The  standard mileage rate  for TY 2015 is  57.5 cents per business mile driven.  You can only claim mileage driven from one  work location to another work location, do not include commuting miles.