Brenner & Associates

The Franchise Tax Board is on a big campaign to audit employee business expenses. Make sure all your expenses on your 2015 return is supported by a receipt, business purposes and who was there.

Many people utilized the HERO program in 2015. The payments that run thru your property taxes are NOT deductible. So this year we need to see your property tax bills to take the HERO payments out of the deduction.

This year tax preparers have a considerable more work to do for the Affordable Care Act. This year everyone who has health insurance will be getting a 1095-B. The purpose is to tell the IRS that your health insurance was affordable and that you had insurance the entire year. Make sure you bring that form with you when you come for your tax interview, not having the form will hold up your return.

For 2015, the IRS is concerned with the mortgage interest that is being deducted on taxpayer returns. So the mortgage companies will be required to report the property address on the year end form and will match it up with returns. The refresher on mortgage interest, you can deduct mortgage on a primary home and a vacation home. The total mortgage cannot exceed $1.1M. All other mortgage interest is investment interest expense and subject to limitations.

This week we sent out letters for tax season 2015. Did you get it? If not, please contact us at (818)887-9912