Year End Tax Planning Part 4: Minnesota Changes

ET Kelly & Associates, LLC / December 30, 2014
avatar

In addition to changes intended to align Minnesota tax with Federal calculations, the state also made several additional benefits available. If any of these may apply to you, please a tax professional for more in-depth information. Dependent Care Credit As part of the federal update legislation, the federal credit computation the Minnesota uses was updated […]

Year-End Tax Planning Part 3: Health Care Reform

ET Kelly & Associates, LLC / December 24, 2014
avatar

This is the first year that taxpayers are required to carry health insurance. Administration of the various health care payments, penalties and credits flows through the individual tax return. Health Care Reform Tax Penalty For 2014, if a taxpayer does not have qualifying coverage for himself/herself and any dependents, and does not qualify for an […]

Year-End Tax Planning Part 2: 2014 Tax Law Changes & Planning Ideas

ET Kelly & Associates, LLC / December 22, 2014
avatar

For 2014 and subsequent years, the individual income tax rate schedules reflect a continuation of the rates in place for 2013. The 2014 individual tax rates are as follows: Tax Rate                Income (Single Taxpayer)                 Income (Married Taxpayers) 10%                         Up to $9,075                                           Up to $18,150 15%                         $9,076 – $36,900                                  $11,151 – $73,800 25%                         $36, 901 – […]

Year-End Tax Planning Part 1: Overview

ET Kelly & Associates, LLC / December 18, 2014
avatar

This is the first in a series of posts over the next two weeks to assist Epilawg readers with year-end tax planning. The opportunity to take advantage of income timing exists particularly for taxpayers who are: In a different tax bracket in 2014 than in 2015; Subject to Alternative Minimum Tax (AMT) in one year […]