Did you go green? You may get some back if you bought any of these:
Credit amounts for qualified vehicles. Following is a list of the credit amounts for qualified vehicles that are autos and are manufactured by well-known companies, using the latest data published by IRS (model years are in parentheses):
Audi A3 e-tron (2016-2017), $4,502
Audi A3 e-tron ultra (2016), $4,502
BMW i3 Sedan with Ranger Extender (2014-2017), $7,500
BMW i3 Sedan (2014-2017), $7,500
BMW i8 (2014-2017), $3,793
BMW X5 xDrive40e (2016-2018), $4,668
BMW 330e (2016-2018), $4,001
BMW i3 (60Ah) Sedan (2017), $7,500
BMW 740e (2017), $4,668
BMW 530e (2018), $4,668
BMW 530e xDrive (2018), $4,668
BMW 740e xDrive (2018), $4,668
MINI Cooper S E Countryman ALL4 (2018), $4,001
FCA North American Holdings, Fiat 500e (2013-2017), $7,500
Chrysler Pacifica PHEV (2017), $7,500
Ford Focus Electric (2012-2017), $7,500
Ford C-MAX Energi (2013-2017), $4,007
Ford Fusion Energi (2013-2018), $4,007
General Motors Cadillac ELR (2014, 2016), $7,500
General Motors Cadillac CT6 PHEV (2017), $7,500
General Motors Chevrolet Volt (2011-2018), $7,500
General Motors Chevrolet Spark EV (2014-2016), $7,500
General Motors Chevrolet Bolt (2017), $7,500
Kia Soul Electric (2015-2017), $7,500
Kia Optima PHEV (2017), $4,919
Mercedes-Benz smart Coupe/Cabrio EV (2013-2016), $7,500
Congress finally took action in late December and passed a tax extender bill formally known as the Protecting Americans from Tax Hikes Act of 2015 (PATH), which was then signed into law. Retroactive to January 1, 2015, many tax provisions were made permanent while others were extended through 2016 or 2019. Let's take a look at some of the tax provisions most likely to affect taxpayers when filing their 2015 tax returns. READ MORE -->
Beginning Jan. 1, 2016, the standard mileage rates for use of an automobile will be:
54 cents per mile for business miles driven, down from 57.3 cents
19 cents per mile driven in medical or moving purposes, down from 23 cents
14 cents per mile driven in service of charitable organizations, which remains unchanged from 2015
For purposes of computing the allowance under a fixed and variable rate (FAVR) plan, the standard automobile cost may not exceed $28,000 ($31,000 for trucks and vans).
The updated rates are effective for deductible transportation expenses paid or incurred on or after the effective date; and for mileage allowances or reimbursements paid to, or transportation expenses paid or incurred by, an employee or a charitable volunteer on or after Jan. 1, 2016.
On Dec. 28, 2015, the U.S. Department of the Treasury and the Internal Revenue Service (IRS)announced a limited extension of the early 2016 due dates for the 2015 information reporting requirements for employers and insurers under the Affordable Care Act (ACA).
Specifically, this notice extends by two months the February 1 due date for employers and issuers to provide individuals with 1095 forms reporting on offers of health coverage and coverage provided. The February 29 and March 31 deadlines for reporting this information to the IRS (by paper or electronically, respectively) are extended by three months.
The extended deadline dates for reporting 2015 information is as follows:
Employers must provide 1095 forms to employees by March 31, 2016.
Employers filing by paper (249 or less 1095 forms) must file with the IRS by May 31, 2016.
Employers filing electronically (250 or more 1095 forms) must file with the IRS by June 30, 2016.
