Social Security and Medicare amounts for 2015

The annual inflation adjustments have also impacted the various Social Security amounts and thresholds for 2015. The Social Security wage base, for computing the Social Security tax (OASDI only), increases to $118,500 in 2015, up from $117,000…

Deducting local lodging expenses

Generally, personal, living, or family expenses, such as the costs of lodging, are not deductible unless the taxpayer is traveling away from home on business. However, thanks to recently finalized IRS regulations, local lodging expenses may…

Tax calendar

January 15 Individual taxpayers’ final 2014 estimated tax payment is due unless Form 1040 is filed by February 2, 2015, and any tax due is paid with the return. February 2 Most employers must file Form 941 (“Employer’s Quarterly…

Retirement contribution limitations for 2015

The IRS has announced cost-of-living adjustments affecting the dollar limitations for retirement plan contributions. Several of the limitations are higher for 2015 because the increase in the cost-of-living index met the statutory threshold.…

Taxability of rewards programs

For anyone who spends a lot of time traveling by air for business purposes, one of the nice things that typically occurs because of all of that travel is frequent flyer miles. Even better, about 14 years ago the IRS addressed the controversial…