Dear Valued Client,

This edition of our client newsletter covers important tax issues if you purchased your health insurance through a government marketplace, new IRA rollover limitations and much more.

Our goal is to provide you an unparalleled level of client service. If you see something that you want to talk about, please contact us to explore the possibilities. We rely on satisfied clients as the primary source of new business, and your referrals are both welcomed and most sincerely appreciated!




Mueller & Company , LLC

Time to check your 2015 withholding


Now is the time to look at your 2015 paystub to see if your federal and state withholding are proper. Sometimes employees change their withholding to reduce taxes withheld from year end bonuses. Please be sure that your withholding is back to normal after the bonus. These changes should always be done by submitting new W-4's to your employer.
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Bought health insurance on exchange. You need a 1095-A to complete your taxes. The fee to complete the required tax forms could be substantial.


If you purchased health coverage through an insurance exchange you will be issued a form 1095-A by January 31st. You'll need to include this form with your other tax information when you visit your tax professional. The IRS has no estimate of how long it would take you to learn about the law and complete form 8962. This is why we anticipate the fee for this form to be between $100 and $300.
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The new ABLE accounts. What are they???


As of 2015, a new tax-free savings account is
available to individuals who are diagnosed before age 26 with a long-term physical or intellectual disability. Family members and friends can make annual nondeductible contributions of up to $14,000 each to the new ABLE accounts. The payouts are tax-free if used for certain expenses, such as housing, education, transportation, job training and dental care. The account balance doesn’t affect Medicaid eligibility, and a balance of $100,000 or less doesn’t affect SSI benefits.
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Family, Income, and Residence Changes Can Affect Your Premium Tax Credit


If you get health insurance coverage through a government Health Insurance Marketplace, it is very important that you keep the Marketplace aware of any changes in household income, marital status, and family size.
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Don’t Forget Those Nominee 1099s


For tax purposes, if you receive income in your name that actually belongs to someone else, you are also a nominee. Being a nominee means that you must file a 1099 form with the IRS appropriate to the type of income you received and give a copy of the 1099 to the actual owner of the income. However, if the other person is your spouse, no 1099 filing is required.
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Beware Of the One-per-12-Month IRA Rollover Limitation Beginning In 2015


The tax code allows an individual to take a distribution from his or her IRA account and avoid the tax and early distribution penalties if the distribution is redeposited to an IRA account owned by the taxpayer within 60 days of receiving the distribution.
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Take Advantage of Education Tax Benefits


The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or children are being educated. Which of these options will provide the greatest tax benefit depends on each individual’s particular circumstances. The following is an overview of the various possibilities.
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Working Abroad Can Yield Tax-Free Income


U.S. citizens and resident aliens are taxed on their worldwide income, whether the person lives inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for their personal services. In addition, they may also qualify to exclude or deduct certain foreign housing costs.
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Make Your Preferences Known in QuickBooks


QuickBooks is ready to use when you install it. But you can change its settings to make it work the way your company needs it to.
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The Mueller & Company , LLC newsletter is available via e-mail on a free subscription basis. You can subscribe or unsubscribe at any time. For more information about - Mueller & Company , LLC, go to http://www.davemuellercpa.com. This message was sent using ClientWhys Persyst. View our permission marketing policy.

Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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Mueller & Company , LLC
David Mueller
Phone: 410-893-1901
Email
www.davemuellercpa.com

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