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
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.