Federal and State Tax Return

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Tax Law Changes Included in the Protecting Americans from Tax Hikes (PATH) Act of 2015 (Part of Public Law 114-113)
https://www.irs.gov/uac/newsroom/path-act-tax-related-provisions

The PATH Act mandates that the IRS not issue a refund on tax returns claiming the Earned Income Tax Credit or Additional Child Tax Credit until Feb. 15. The additional time helps the IRS stop fraudulent refunds from being issued to identity thieves and fraudulent claims with fabricated wages and withholdings.

Part 1 - Tax Relief for Families and Individuals (Permanent)

1. Enhanced child tax credit made permanent (threshold amount set at an unindexed $3,000).
2. Enhanced American Opportunity tax credit made permanent.
3. Enhanced earned income tax credit made permanent.
4. Extension of parity for exclusion from income for employer-provided mass transit and parking benefits.
5. Extension of deduction of state and local general sales taxes.
Part 2 - Incentives for Charitable Gifts (Permanent)

1. Extension and modification of special rule for contributions of capital gain real property made for conservation purposes. Starting in 2016, Alaska native corporations may deduct donations of conservation easements up to 100% of taxable income.
2. Extension of tax-free distributions from individual retirement accounts (IRAs) for charitable purposes for individuals at least 70-1/2 years of age.
3. Extension and modification of charitable deduction for contributions of food inventory (10% limit increased to 15%).
4. Extension of modification of tax treatment of certain payments by a controlled corporation to an exempt organization.
5. Extension of basis adjustment to stock of S corporations making charitable contributions of property.
Part 3 - Incentives for Growth, Jobs, Investment and Innovation (Permanent)

1. Extension and modification of research credit (eligible small businesses may claim the credit against the alternative minimum tax liability and/or FICA tax liability.
2. Extension and modification of employer wage credit for employees who are active duty members of the uniformed services; credit now allowed to employers of any size.
3. Extension of 15-year straight line cost recovery for qualified leasehold improvements, qualified restaurant buildings and improvements, and qualified retail improvements.
4. Extension and modification of increased expensing limitations and treatment of certain real property as section 179 property.
5. Extension of treatment of certain dividends of regulated investment companies to foreign investors.
6. Extension of exclusion of 100% of gain on certain small business stock for non-corporate taxpayers to stock acquired and held for more than 5 years; also eliminates such gain as an AMT preference item.
7. Extension of reduction in S-corporation recognition period for built-in gains to five years.
8. Extension of subpart F exception for active financing income.
Part 4 - Incentives for Real Estate Investment

1. Extension of temporary minimum low-income housing tax credit rates for non-federally subsidized buildings.
2. Extension of military housing allowance exclusion for determining whether a tenant in certain counties is low-income.
3. Extension of RIC qualified investment entity treatment under FIRPTA and, therefore, not subject to withholding.
Part 5 - Major Extensions through 2019

1. Extension of new markets credit.
2. Extension and modification of work opportunity tax credit to include hiring qualified long-term unemployed individuals and increasing the credit for those individuals to 40% of the first $6,000 of wages.
3. Extension of look-thru treatment of payments between related controlled foreign corporations under foreign personal holding company rules.