With five times as many words as the Bible, the IRS tax code is growing more complicated every year. The deadline to file your 2014 taxes is this Wednesday.
Joe Moore with Altman Rogers in Kenai said the biggest headache for 2014 tax payers is the Affordable Care Act…
Moore: “I’m surprised how many clients chose not to purchase insurance. I didn’t think there would be that many, but I’ve had a fair amount that chose not to pay and to pay the penalty.”
There were also new rules for business repair and maintenance costs, which went into effect in 2014…
Moore: “It’s an incredibly complicated regulation, but it basically tells the tax payer what they can expense as a repair and maintenance and what must be depreciated. It’s quite a change of course for the IRS. The threshold amounts that they’re using are so low that it’s making it very onerous for a business to deal with it.”
If you haven’t filed yet, your accountant can help you with an extension.
