The IRS has announced the annual inflation adjustments for a number of provisions for the year 2015, including tax rate schedules, tax tables and cost-of-living adjustments for certain tax items. These numbers are not what will be used to prepare your 2014 tax returns in the first quarter of 2015. Rather, they become effective January 1, 2015 and will be used for your returns filed in 2016. Forbes did a pretty good job of hitting all the highlights in an article you can find HERE. As always, if you have any questions, don’t hesitate to give us a call.
