2015 Refund Estimator and 2014 Federal Tax Brackets Table

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Q: What is a federal income tax bracket, and how do I find mine?

A: Different levels of income are taxed at different percentages, which vary year by year, and also according to your filing status. Your particular tax bracket will tell you at what rate your income (your taxable income) will be taxed. The rate of taxation is applied only to your taxable income. You can go to a TAX BRACKET ESTIMATOR TOOL and also see a table to determine and understand your tax bracket and tax rate for 2014 and for earlier tax years by clicking on the calculator picture link.

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READ MORE>> efile.com: 2014 Federal Income Tax Brackets, 2015 Refund Estimator

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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IRS Updates for Approaching Tax Season

Be prepared for next tax year!

All together, the IRS posted more than 40 updates in 2015.

*These are adjustments to be used for 2015 taxes, to be prepared in 2016, not what you would use to prepare your taxes now from the year that just ended.*

If you want to get a headstart for next year, this is a very good summary. If some of the changes look familiar, it's because they match up with predictions by Bloomberg BNA earlier this year! All taxpayers will see a slight bump in their standard deduction, and the personal exemption amount also goes up.

See upcoming changes in:

• Tax brackets
• Standard deductions
• Itemized deductions
• Personal exemptions

And also:

• Family-related tax item updates
• Education-related updates
• Healthcare and fringe benefit updates
• Federal estate and gift tax updates
• Retirement updates, and more....

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READ MORE>> Forbes.com: IRS Announces 2015 Tax Brackets, Standard Deduction Amounts and More

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
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State Business Tax Climate Index 2015

How does your state rank?

While taxes are a fact of life, not all tax systems are created equal. One measure, total taxes paid, is relevant, but other elements of a state tax system can also enhance or harm the competitiveness of a state’s business environment. This Index boils down fifty complicated state business tax systems into one easy-to-use ranking.

While there are many ways to show how much is collected in taxes by state governments, the Index is designed to show how well states structure their tax systems, and provides a road-map to improving these structures.

The index enables people to gauge how their states' tax systems compare.

Here is a highlight, which shows the five best and worst states in the index this year:

Best:

1. Wyoming
2. South Dakota
3. Nevada
4. Alaska
5. Florida

Worst:

1. New Jersey
2. New York
3. California
4. Minnesota
5. Vermont

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SEE WHOLE INDEX HERE>> TaxFoundation.org: 2015 State Business Tax Climate Index

Call GBC Income Tax Services today at 678-366-9232 for all your tax and IRS needs!
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• GBC Tax Offers Atlanta Experienced IRS Representation
• Essential Financial Services
• Tax Requirements By State
• Visit the Internal Revenue Service's Website
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Beware of Scams by Phony IRS Agents

Crooks use the 1040 season
to access your personal and financial
information.

The official method of correspondence by the IRS and local or state tax offices is U.S. Postal Service-delivered letter. If you initiate contact by phone call or email, you may get a response that way. But the IRS rarely makes unexpected phone calls or sends unsolicited emails, faxes or text messages.

If the message arrives by email or text, you may be asked to click on a link for more details. Don't. That can install "malware" programs in your computer to give the crooks remote access to your files and passwords or even let them take control of the device. This year, new ploys include:

• Bogus claims that you can get $80 for completing a customer survey for the IRS. The message asks for personal and financial information that can be used to steal your identity.
  
• Fictitious promises of refunds or rebates based on excess or withheld Social Security benefits or for the expired Economic Recovery Credit Program or recovery rebate credit. Each of these scams requests your SSN and other personal info.
• False claims that you can use Treasury Form 1080 to transfer funds from the Social Security Administration to the IRS, enabling a payout to you from the IRS.
• Offers of "free money" from the IRS or other government agencies. These lies circulate in flyers posted at churches and other gathering spots, and also in online advertisements. They often imply that tax credits or refunds are available without proof of eligibility.

READ MORE >> AARP.ORG: Don’t Get Scammed by Phony IRS Agents

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TAX BREAKS: Medical Expenses and Health Savings Accounts

Use the funds the year
without penalty.

If you have a high-deductible health insurance plan, there’s another option (aside from FSA or Flex-Spending) in the alphabet soup of savings accounts that might help you save on medical costs: a health savings account (HSA). A high-deductible health insurance plan means that the amounts you are required to pay out of pocket – on top of premiums – meet certain thresholds. For 2014, those are $1,250 for an individual or $2,500 for a family.

Under the terms of the HSA, you can contribute pre-tax dollars (directly from your paycheck) of up to $3,300 a year for an individual or $6,550 for a family into the account (for those 55 and older, the contribution limits are up to $4,300 for an individual and $7,550 for a family).

You can withdraw these funds tax-free so long as you use them for qualifying medical expenses.

Unlike the FSA, the HSA is not a use it or lose it account: the funds simply roll over at the end of the year. You can use the funds the next year without penalty – and you can top it up – so there’s no guesswork involved in funding.

READ MORE >> FORBES.COM: "Back to School 2014: Medical Expenses and Health Savings Accounts"

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