Taxes

2015 Tax Filing: What You Need to Know

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This article was contributed by Becca Smith, Director of Marketing for Smith & Smith, CPA in Cary.

Cary, NC — Here we are at the end of January 2016, and, if there is one thing on all of our minds, it’s our 2015 tax returns. Here are some important things for you to remember when filing your 2015 tax returns.

Important Dates

Remember these important dates when filing your taxes:

  • Tuesday, March 15, 2016 – S Corporate & C Corporation Tax Returns Filing Date
  • Monday, April 18, 2016 – Personal Tax & Partnership Tax Returns Filing Date

You might be wondering why Tax Day is on April 18, 2016 this year and not on the regular filing deadline of April 15. Here is the answer – Washington D.C. celebrates Emancipation Day as a holiday on Friday, April 15, thus causing Tax Day to move to the following Monday, April 18. You can read more about Emancipation Day on DC.GOV.

Taxes

What You Need to Know

Below are some other things to keep in mind for your 2015 Tax Return:

Personal Exemptions

Personal and dependent exemptions for 2015 are $4,000.

Standard Deduction

The standard deduction for married couples filing a joint return in 2015 is $12,600. For singles and married individuals filing separately, it’s $6,300. For heads of households, it is $9,250.

Income Tax Rates

The top tax rate of 39.6% affects individuals whose income exceeds $413,201 (for married filing a joint return it is $464,851). The marginal tax rates for 2015 (10, 15, 25, 28, 33 and 35%) remain the same as in previous years.

Child Tax Credit

The child tax credit is $1,000 for 2015.

Learn More & Get Help

If you would like to read more about other 2015 Tax Provisions for Individuals, such as Estate & Gift Taxes, AMT, Flexible Spending Accounts, Long Term Capital Gains, etc., you can find them in the Newsletter Section of our website.

Need help wih your taxes? We are accepting new tax clients. Don’t spend your weekends working on your taxes – hire Smith & Smith, CPA and know they are done correctly.

Story by Becca Smith, Director of Marketing for Smith & Smith, CPA in Cary. Photo by eFile989.

Financial content on CaryCitizen is sponsored in-part by Smith & Smith, CPA.