IRS publishes 2015 tax numbers

Keep these numbers in mind when thinking about the 2015 tax year....

* SOCIAL SECURITY taxable wage limit increases from 2014 limit of $117,000 to $118,500 for 2015. Retirees under full retirement age can earn up to $15,720 without   losing benefits.

* AMT EXEMPTIONS for 2015 are $53,600 for singles, 83,400 for couples, and $41,700 for married couples filing separately.

* 401(k) MAXIMUM salary deferral increases to $18,000 for 2015. The catch-up limit for 50 and older increases to $6,000.

* SIMPLE maximum deferral increases to $12,500 for 2015. The catch-up limit for 50 and older increases to $3,000.

* IRA CONTRIBUTION limit remains at $5,500 for 2015 ($6,500 for 50 and older).

* HSA CONTRIBUTION limit increases for 2015 to $3,350 for individuals and to $6,650 for families.

* KIDDIE TAX threshold for 2015 increases to $2,100.

* NANNY TAX threshold remains at $1,900 for 2015.

* ANNUAL GIFT TAX EXCLUSION remains at $14,000.

* ESTATE TAX EXEMPTION increases from the 2014 amount of $5,340,000 to $5,430,000 for 2015.

The tax rules may change again in 2015.

Please give us a call to discuss this or any of our other topics with you, so we can address your specific requirements.

DiSabatino CPA Michael DiSabatino 651 Via Alondra Suite 715 Camarillo, CA 93012 Phone: 805-389-7300 ww.sharpcpa.com

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