New Tax Rules — Know Them

Uncle Sam can be a fickle fellow, and every year new tax write-offs emerge, old ones disappear and some strange twists can happen with staples that have been around for years. This year is no exception, so make sure you work closely with your qualified tax professional to save as much money as possible (and maybe even get some back).This year, you'll face a bigger penalty if you don't follow the rules of the Affordable Care Act (if you don't have health insurance and are required to). This year the penalty is 2.5 percent of your annual income, compared to 2 percent last year. The cap is $695 per adult and $347.50 per child, with a family maximum of $2,085 or 2 percent of your income, whichever is higher. A Change Is ComingThe Premium Tax Credit (PTC) is a refund for those who get their health insurance via state agencies. If you fall 100 to 400 percent below the federal poverty line, have no access to employer-offered health care, and relied on state-operated agencies in 2014/early 2015 for coverage, you'll get a credit dictated by income and family size.This year, you can also contribute $50 more to your flexible spending account (FSA). Previously, you could roll FSA funds into a health savings account (HSA), but that's no longer an option. Work with your employer to figure out if an FSA or HSA is better for you, moving forward.The IRS also has reached a decision on what bitcoins are. They're not currency, according to the IRS, but a tradeable good, which makes it taxable income.More Money, More Paperwork?

The limits for your 401(k) have gone up this year!Those under 50 can contribute $18,000, and those over 50 can contribute $23,500. That's an increase of $500 for each camp, which can make a big difference in your taxable income.As per usual, inflation has shifted the income tax brackets, so you might want to look ahead and estimate where you'll land. This year, a married couple faces their first tax bracket hike at $18,450 compared to last year's $18,150.If you're on the fence, no matter where your starting tax bracket is, ask your qualified tax professional about last-minute donations or other ways to keep yourself in a lower tax bracket.If you like to use rollovers as a personal short-term loan, be careful! Now the IRS limits you to just one rollover in any 12-month period. The good news is that direct transfers aren't affected. Plan for these wisely, and hold off unless you really need the loan.On the flip side, standard deductions have also gone up. In 2015, it's gone up $100 for single filers (to $6,300) and $200 for married filers (to $12,600).Many Americans miss out on savings, credits and more because they either 1) try to file taxes themselves or 2) don't have the best CPA possible. Put more in your pocket this year and choose a qualified tax professional who puts your best interests first when doing your taxes.

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