The majority of this year's key tax law changes were the result of two acts - the Affordable Care Act of 2010, also known as Obamacare, and the American Taxpayer Relief Act of 2012.
The easiest way to navigate all the tax law changes and determine if you qualify for hundreds of tax benefits, is to use an online or mobile tax preparation solution. The programs ask easy questions, covering all available credits and deductions to help minimize your tax liability and maximize your refund. Leading solutions such as TaxACT also provide guidance for the implications of the Affordable Care Act on your taxes and health insurance situation.
If your modified adjusted gross income (MAGI) is under $200,000 ($250,000 if filing jointly), you may benefit from several tax breaks that have been extended or made permanent.
Learn more about these tax law changes in Publication 17 at www.irs.gov or visit www.taxact.com/taxinfo. To file your simple or complicated federal taxes free with TaxACT Free Edition, go to www.taxact.com.
January 1 — Everyone
Federal Holiday (New Year's Day) - Details
January 12 — Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details
January 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2014.
January 14 — Regular method taxes
Deposit the tax for the last 16 days of December 2014.
January 15 — Individuals
Make a payment of your estimated tax for 2014 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details
January 15 — Farmers & fishermen
Pay your estimated tax for 2014 using Form 1040-ES - Details
January 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2014
January 15 — Nonpayroll withholding. January 20 — Everyone January 27 — Communications and air transportation taxes under the alternative method. January 29 — Regular method taxes
If the monthly deposit rule applies, deposit the tax for payments in December 2014.
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2014.
Deposit the tax for the first 15 days of January.
January 20 — Everyone
January 27 — Communications and air transportation taxes under the alternative method.
January 29 — Regular method taxes