Attention, ladies, it’s that time of year again. It’s tax season. New year, new rules. Here are 7 of some of the more overlooked tax changes for 2015:
#1: Retirement Contributions Remain Fixed
The IRS has a history of raising the maximum allowable contribution to retirement plans and IRAs. Not this year.
In 2015, the maximum allowable contributions remain static at $17,500 for elective deferral plans and $5,500 for IRAs.
Still, there are some small changes that should be noted:
Tax deductions for traditional IRA contributions are limited to those individuals in lower-income brackets. Likewise, individuals earning under $30,000 and families earning under $45,000 can receive credits amounting to $2,000 when they save for retirement.
#2: Deductions for Education Expenses Have Expired
Higher education is expensive. The traditional $4,000 deduction helped families to manage the price, but this expense is no longer deductible.
“Fortunately, all is not lost for those families that want to send their children to college”, says Amy Lloyd, a content director at Work Crowd, an enterprise software review site.