Looking forward to 2018 in Tax Season

The Affordable Care Act
Beginning in 2014, taxpayers and their dependents were required to have minimum essential health insurance coverage. Taxpayers who fail to meet this requirement for one of more months must make a shared responsibility payment in the form of a penalty calculated on their tax return.  The increased penalty for 2015 will be $295 per adult ($147.50 per child) in your tax household or 2% of tax household income.  There is a maximum amount per return.  The maximum amount for 2014 returns was $2448.  The maximum for 2015 will be based on the average of the lowest cost bronze level plan.  As of this writing, that has not been determined yet.

Standard Mileage Rate
The business standard mileage rate for 2015 is 57.5 cents. The medical and moving rates are 23 cents.  It has been years since the charitable mileage has changed . The rate is still 14 cents.