Dear Valued Clients and Visitors: As our nation responds to COVID-19, our firm is taking precautionary measures by closely following and reinforcing the guidelines from the CDC and local health authorities. Our physical office is open on a intermittent basis. However, please be assured that we are open for business and ready to serve your needs.

If you have a tax problem or inquiry please call and if we are not in leave a message. A return phone call will be made within a short period of time. Now is the time to address your tax matter. We remain committed to our clients and colleagues through these unusual times. Please stay safe and healthy.

Law Offices of Robert T. Leonard, APC
Free Consultations Available
Toll Free 888-408-9486

It's not too soon to think about 2015 taxes

While not everyone has completed tax returns for 2014, it is never to soon to think about ways to secure a good tax outcome in 2015. In this post we will highlight several of the recent changes that tax payers should keep in mind this year.

The first pertains to individuals who have IRAs. As a result of a tax court case that was resolved last year a tax payer can only rollover an IRA once every 12 months. As a workaround, individuals might consider a trustee-to-trustee transfer.

Another pending change affecting income tax for some residents of the state of California will likely be resolved by the end of the year. It, of course, is the recognition of same-sex marriage. With cases pending with the Supreme Court, this matter as well as its accompanying tax issues, is expected to be addressed. Couples to whom this pertains should keep an eye on the matter and expect further information regarding how their marriage will be construed.

The next thing taxpayers should be aware of is the net vestment income tax. A product of the American Taxpayer Relief Act of 2012, the levels for singles and married-filing jointly, do not change to account for inflation. It is applicable to those with a modified adjust gross income over $200,000 and $250,000 respectively.

Last, health care penalties need to be addressed. Taxpayers can expect to have to provide information regarding their health insurance situations. More specifically, they will need to disclose whether they were insured and whether they received tax credits. Depending on a persona€™s specific situation, he or she may need to repay the subsidies received.

In addition to being a pain for taxpayers to have to address in a tax return, changes such as theses could result in mistakes being made on returns. These mistakes could result in issue with the IRS later on, possibly in the form of an audit. Those who find they are in this situation could benefit from working with a lawyer.

Source: Investment News, €œTax traps to avoid in 2015, Darla Mercado, Jan. 20, 2015

No Comments

Leave a comment
Comment Information

Send Us A Quick Message

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

Law Offices of Robert T. Leonard, APC

Woodland Hills Office
21700 Oxnard Street
Suite 2060
Woodland Hills, CA 91367

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Woodland Hills Tax Law Office

Los Angeles Office
10100 Santa Monica Blvd.
Suite 300
Los Angeles, CA 90067

Toll Free: 888-408-9486
Phone: 818-224-7935
Fax: 818-587-3833
Map & Directions

Call Today