It's Tax Time!

The 2015 filing season started last week and the Internal Revenue Service is open for business.

So, what's new for your 2014 return? Keep reading for highlights on some of the changes.

Health Care Coverage: Beginning in 2014, you are required to have health care coverage. When you file your return, you must either:

- indicate that you, your spouse and dependents had coverage all year,

- claim an exemption from coverage, or

- make a shared responsibility payment for any month that you did not have full coverage or qualify for an exemption.

Premium Tax Credit:You may be eligible to claim the premium tax credit if you, your spouse, or a dependent enrolled in health insurance through the Health Insurance Marketplace.

Personal exemption amount increased for certain taxpayers. Your personal exemption is now $3,950. This amount could be reduced if your adjusted gross income is over certain limits based on your filing status.

Increased Standard Deductionamounts are as follows:

Single or Married filing Separately, $6,200

Head of Household, $9,100

Married filing Jointly or Qualifying widow(er), $12,400

Standard mileage rates. The 2014 rate for business use of your car is 56 cents a mile. The 2014 rate for use of your car to move or to get medical care is 23.5 cents a mile.

Be sure to contact your tax professional for more information. Don't wait till the last minute!