Congratulations! This exciting time in your life can bring lots of changes, such as moving into a new apartment, buying a house, combining finances or joining families. It’s so fun to start out your new life together, but it’s a
Category: Tax Tips
Health Insurance Information You Will Need to Prepare Your Taxes
Whether you are preparing your taxes yourself or using a tax preparer, this year’s taxes will be a little more complicated. Since the provisions of the Affordable Care Act (ACA) became effective in 2014, tax preparers need even more information
Seven Facts about Injured Spouse Relief
If you file a joint return and all or part of your refund is applied against your spouses’ past-due debt you may be entitled to injured spouse relief. An “Injured Spouse” should not be confused with an “Innocent Spouse.” A
Five Ways to Spot IRS Scam Phone Calls
The IRS has issued a consumer alert providing taxpayers with additional tips to protect themselves from telephone scam artists calling and pretending to be with the IRS. These callers may demand money or may say the taxpayer has a refund due and try to
Make An IRA Transfer to Charity for 2014
The Tax Increase Prevention Act extends the provision that allows certain IRA owners to make tax free distributions to charity. The extension applies for the 2014 tax year. This means if the law applies to you, the deadline to complete
New IRS Publication for Health Care Law
The new IRS publication will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families, is now available on IRS.gov/aca. While the health care law has several
Reduce Tax Bill by Making Early Mortgage Payment
Making your January 2015 mortgage payment in December 2014 can help increase your mortgage interest deduction which in turn can lower your taxable income. When your taxable income is lower then your total tax is lowered and can increase your
2014 Year End Tax Planning
Year-end Tax Planning Tips from the National Society of Accountants Current individual income tax rates of 10, 15, 25, 28, 33, 35 and 39.6 percent will be in place for 2015, as will current tax treatment of capital gains and
Avoid Surprises at Tax-Time
Even though only a few months remain in 2014, you still have time to act so you aren’t surprised at tax-time next year. You should take steps now to avoid owing more taxes or getting a larger refund than you
Individual Shared Responsibility Payment
Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: Maintain a minimum level of health care coverage – known as minimum essential coverage, or Qualify for an exemption, or Make an individual shared responsibility payment when filing