You may be tempted to forget all about your taxes once you’ve filed your tax return. Do not give in to that temptation. If you start your tax planning now, you may avoid a tax surprise when you file next year. Now is a good time to set up a system so you can keep your tax records safe and easy to find. Here are some IRS tips to give you a leg up on next year’s taxes.
This year, there are some changes to tax forms related to the Affordable Care Act. For the first time, you will have to state whether you had health insurance, through an employer, one of the exchanges or purchased privately. And if you did not have health insurance, you could face a penalty. Along with a few new lines on existing forms, there will also be two new forms that will need to be included with some tax returns. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2014, there are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law.
You will answer a question about your 2014 health coverage when you file your federal income tax return. If you did not have a minimum level of health coverage for all of 2014, your taxes could be affected. Here are a few things to know.
Your health coverage through the Health Insurance Marketplace may affect your taxes. If anyone in your household enrolled in a health plan through the Marketplace in 2014, you’ll need some new information when you file your federal income taxes. Here are some tips for what you need to know.
Everyone has important decisions to make concerning health care coverage in 2014. Starting in 2014, you must choose to either have basic health insurance coverage (known as minimum essential coverage) for yourself and everyone in your family for each month or go without health care coverage for some or all of the year.If you don’t maintain health insurance coverage, you will need to either seek an exemption or make an individual shared responsibility payment (penalty) for the period that you are not covered with the 2014 income tax return you file in 2015.
The Internal Revenue Service is offering educational Health Care Tax Tips to help individuals understand how the Affordable Care Act may affect their taxes.The IRS has designed the Health Care Tax Tips to help people understand what they need to know for the federal individual income tax returns they are filing this year, as well as for future tax returns.
On Oct 1, the healthcare exchange went live and media coverage on the Affordable Care Act significantly increased. Despite the influx of valid information from reputable news sources, some myths have begun circulating about the Affordable Care Act. Below are some common myths and the reality associated with them.