COMMON TAX FILING MISTAKES
FORGETTING A W-2 OR 1099 - The IRS does an effective job in comparing W-2s and 1099s they receive from organizations to the amounts you claim on your tax return. If they do not match, rest assured you will reveive a notice in the mail asking for clarification.
DUPLICATE DEPENDENT REPORTING - If more than one tax return claims the same person as a dependent, the second return will be rejected. The IRS does not try to determine which tax return is correct. They leave that up to you.
FORGETTING A NAME CHANGE - If you fail to change your name with Social Security after marriage and you file a tax return with your "new" last name, be prepared for either a rejected tax return or an adjusted tax return.
OTHER MISSING INFORMATION - When preparing your tax return. often the return is held up because key information is missing. These missing items rangefrom property tax and mortgage interest statements, to 1099s and W-2s.
SIGNING THE E-FILE AUTHORIZATION FORM - Your tax return cannot be e-filed without proper authorization. After reviewing your return, a properly signed Form 8879 must be received.
If filing married joint, both spouses must sign.
Additional tax information will be posted once Congress votes and updates the tax law measures.
1099-B Broker Reporting
Investment companies are now required to report the cost of investments you sold during the year to the IRS. This "basis" will be used by the government to audit your reported gain or loss on the sale of these investments.
If you receive these forms it is important to make sure the amounts reported on them are correct. Any errors should either be corrected on your tax return or be brought to the attention of the supplier for re-issuance.
Key 2015 Exemptions
Listed here for your reference are key deductions, exemption amounts and mileage rates for 2015.
Standard Deductions in 2015 for this who do not itemize are presented here.
Single $6,200 $6,300
Married Filing Sep. $6,200 $6,300
Married Filing Joint $12,400 $12,600
Head of Household $9,100 $9,250
If 65 or over and/or blind add:
Single/Head of Household $1,550
Married/Surviving Spouse $1,250
The personal exemption for each qualifying dependent in 2015 is:
Exemption $4,000 $4,050
Note: Personal Exemptions are subject to phase out.
Standard Mileage Rates
The standard mileage rates are:
Rate/Mile 2014 2015 2016
Business Travel $.56 $.575 $.54
Medical/Moving $.23 $.23 $.19
Charitable Work $.14 $.14 $.14
2015 Tax Rates
The 2015 income bracket and their corresponding tax rate are:
Tax Single Head of Married Filing Jointly
Rate Household & Surviving Spouse
10% $ 1 - 9,225 $1 - 13,150 $1 - 18,450
15% $9,226 - 37,450 $13,151- 50,200 $18,451- 74,900
25% $37,451- 90,750 $50,201 - 129,600 $74,901-151,200
28% $90,751- 189,300 $129,601- 209,850 $151,201- 230,450
33% $189,301- 411,500 $209,851- 411,500 $230,451 - 411,500
35% $411,501- 413,200 $411,501- 439,000 $411,501 - 464,850
39.6 % Over $413,201 Over $439,001 Over $464,851