14.financepicjanI understand there are several changes in the tax law that could affect a minister’s filing. Can you provide some of these?

Yes, as always, there are changes in the tax law. Highlighted below are some of these.

  1.  The educator expense deduction of up to $250 has been extended for 2015.
  2.  The tuition and fees deduction has been extended for 2014.
  3.  The IRS has launched a new website that allows taxpayers to make payments directly from a checking or savings account.
  4.  Items such as state and local general sales tax and mortgage insurance premiums were extended through 2014.
  5. The standard mileage rate for 2015 is $.56.5 per mile and for 2016 is $.54 per mile.
  6.  Per diem rates for meals and lodging have changed.
  7.  Taxpayers will start receiving form 1095-A, 1095-B, or 1095-C reporting the type of health insurance coverage they have.
  8.  The annual exclusion for gifts is $14,000.
  9.  The IRS has started rejecting certain W-2 forms if they are not properly completed.  A penalty will be assessed for those rejected.
  10.  A highly compensated employee is an employee who makes over $118,000 per year.
  11. Beginning 7-1-15 the employer (with 2-50 employees) cannot pay an employee’s health insurance premiums unless the plan is a qualified group plan.

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