YOUR SOCIAL SECURITY BENEFITS MAY BE TAXABLE

Did you sign up for social security benefits last year? If so, you may have questions about how those payments are taxed on your federal income tax return.

CONSIDER A BUY-SELL AGREEMENT FOR YOUR BUSINESS

Marriages end, and so do business ventures. If your business is owned by two or more persons, a buy-sell agreement is one of the most important legal documents your business can have.

RETIREMENT CONTRIBUTIONS MAY QUALIFY FOR A TAX CREDIT

Did you contribute to retirement plans or an IRA for 2014? You may be eligible for a federal income tax credit. The Saver's Credit can be taken when you make contributions to your traditional or Roth IRA as well as certain employer retirement plans. The amount you can claim varies, depending on your income, but can be as much as 50% of your contributions, up to a maximum credit of $1,000 ($2,000 if you're married filing jointly).

REPORTS REQUIRED FOR FOREIGN INVESTMENTS

Owning foreign assets or having signature authority over certain foreign accounts means extra filing requirements. For example, Part III of Schedule B, the form where you report interest and dividends, has questions you might need to complete about foreign accounts and trusts. You may also need to file "Form 8938, Statement of Specified Foreign Financial Assets," with your income tax return. Other filings related to foreign assets include a form that must be filed electronically with the Treasury Department.

CHANGE IN TAX TREATMENT OF HEALTH INSURANCE REIMBURSEMENTS

In the past, you may have chosen to reimburse your employees for health insurance premiums instead of establishing a group health insurance plan. Those payments were typically made as part of an employer payment plan and were generally tax-free. Under the Affordable Care Act, that treatment is no longer allowed. Instead, payments you make to employees so they can purchase their own health insurance are now considered taxable wages. Continuing with the former method could lead to penalties of as much as $100 per day per employee.

CHECK QUALIFICATION FOR HEALTH INSURANCE EXEMPTION

If you didn't have health insurance in 2014, or the insurance you had did not meet minimum requirements, you may have to pay a penalty on your 2014 federal income tax return - unless you qualify for an exemption. Exemptions include unaffordable coverage when premiums would have exceeded 8% of your household income, a coverage gap of three months or less, and general hardship. You can claim some exemptions directly on your tax return. However, for certain others be aware you may need to complete an application on the government insurance marketplace website.

GOING INTO BUSINESS WITH A FRANCHISE

Have you ever wanted to be your own boss, but didn't want to start a business from scratch? If so, buying a franchise might be the right choice for you.