Top 6 tax innovations in 2016 year - ForumDaily
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Top 6 tax innovations in 2016 year

Фото: Depositphotos

The IRS began accepting returns from citizens on January 19. Those who have not even prepared the documents yet have almost three months to file a declaration. Tax legislation changes almost every year, the more important it is to regularly monitor innovations in order to reduce taxes and increase reimbursements. Time gathered the most important changes for taxpayers that came into force in 2016 year.

1. New dates

This year, the IRS has changed its filing deadline. The traditional date for the deadline - April 15, 2016 - this time falls on Friday, and on this day Washington will celebrate Emancipation Day, which is a day off for residents of the capital. Under federal law, any holiday celebrated in the District of Columbia affects the tax filing deadline, just like any national holiday. Therefore, the last day for accepting documents will be Monday, April 18.

2. Growing fines by Obamacare

Changes to the scale of penalties were a priori included in the Affordable Care Act, known as Obamacare. If in 2014 they amounted to $95 per person, or 1% of income above the fixed rate, and in 2015 - $285 or 2% above the threshold at the end of the reporting year, now they will amount to $695 or 2,5%. Calculated per family in 2016, this is $2 per person.

3. Tax and Duty Rate

The average tax rate will increase by 0,5%, which roughly corresponds to inflation rates. Standard deductions are also increasing, but only for the head of household. The statuses of those who submit declarations of bachelors, as well as married, who execute documents together or separately, will not change.

4. Medical savings account

Taxpayers may also take advantage increasing the limit contributions on медицинские savings accounts (HSA). An HSA is one of the best options right now. for long term savingsavailable american taxpayers. Such accounts allow individuals save money before taxeswhich can then to be used for payment qualified costs. Money that not will spent can be used в the future.

5. Inheritance tax

Non-taxable amount of inheritance в 2016 yearu youis growing to 10,9 million dollars for married couple и to 5,45 million dollars for one person. With such an increase only 0,1% of financial conditions will be affected in this category in 2016 year.

6. Hearned income tax

Finally, the size nearned income tax credit (it can be subtracted from the total income when paying tax) will also grow this year. Tax credit is provided for individuals and families with low income. Maximum performance 2016 years range from $506 for people without children to $6269 for an individual with three and more children. Thresholds tax credit also roseand for example people with one childearning near 39 thousand dollars a year, has the right toat least on partial tax credit.

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