State Tax Rates to Change in 2015
The following state tax rate changes will be in effect beginning January 1, 2015: Arizona: Corporate income tax rate drops from 6.5% to 6.0% Illinois: Income tax rate drops from 5% to 3.75% and corporate income tax rate drops from 9.5% to 7.75% Indiana: Income tax rate drops from 3.4% to 3.3% and corporate income […]
Supreme Court Ruling to Impact Affordable Care Act
The Supreme Court will hear King vs. Burwell in the early months of 2015 and its decision could have a substantial impact on the new healthcare mandate. The case will determine which individuals are eligible to receive the Premium Tax Credit. This credit is currently available to individuals that purchase their health care through a state […]
Tax Extenders Pass House, Tax Season to Start as Planned
Last week, the House passed the “tax extenders” bill that renewed 55 tax advantages for taxpayers. The extenders include such benefits as the educator deduction, qualified tuition and related expenses, mortgage insurance premiums, and numerous other business-related deductions (the full list can be seen here). All of these items were extended through the end of 2014. […]
