December 2015 Blog Posts
December 24, 2015
The IRS just announced that they will begin accepting tax returns on Tuesday, Jan. 19, 2016.
January 19th comes one day earlier than the start of tax season in 2015 and the filing deadline for 2016 is Monday, April 18, 2016.
The IRS Comissioner John Koskinen stated that, “We look forward to opening the 2016 tax season on time and our employees have been working hard throughout the year to make this happen. We also appreciate the help from the nation’s tax professionals and the software community, who are critical to helping taxpayers during the filing season.”
This year the IRS expects to receive over 150 million individual returns in 2016, and just over four out of ever five returns being prepared using tax filing software and as well as being e-filed.
This is our reminder to not procrastinate when filing this year and think of us when you or someone you know is in need of quality tax and CPA services in North Royalton.
December 17, 2015
Your Tax Return and the Health Care Law
What will the Affordable Care Act mean to you at tax time? Individual taxpayers will notice they’re asked for some additional information on their tax returns this year because the law requires you to confirm that you have health insurance. You may also receive a new kind of tax document—Form 1095-A—if anyone in your family signed up for coverage through a Health Insurance Marketplace. Another development to keep in mind: You may be able to claim a premium tax credit, depending on your income as well as a few other factors, which will either reduce the cost of your premiums or provide a reduction in tax. On the downside, you could owe a penalty if you don’t have qualified health insurance, although some penalty relief may be available.
If you’re not certain how the law’s tax opportunities and consequences apply to you, be sure to contact us. We can help you determine whether you’re in compliance and offer advice on your taxes, health insurance coverage or any other financial concern.
December 11, 2015
Should You Report Changes to the Health Insurance Marketplace?
Do you receive your health insurance coverage through the government’s Health Insurance Marketplace? Many who do also qualify for a premium tax credit, which those with moderate incomes can use to help pay for coverage. You can choose to get the credit immediately or to receive it as a refund later when you file your tax return.
Taking the credit up front can help you defray the costs of coverage, but remember that the amount you’re eligible for may be affected by changes in your circumstances during the year. You may end up qualifying for a higher or lower credit depending on changes in your income or the size of your family, so it’s important to report those changes to the Marketplace when they occur. If you have questions about the tax consequences of your health insurance plan or any other tax-related issues, please contact our office today.
December 8, 2015
Beware of Tax Scams!
Did you know that con artists posing as Internal Revenue Service representatives frequently try to scam people out of their money? While this is a long-standing problem, the IRS has issued a new warning against thieves who may contact people on the phone or via email or a letter and try to trick them into divulging personal financial information, such as their Social Security or bank account numbers, or even turning over some of their hard-earned cash. And the scams can be tough to spot. Potential victims may see a fake caller ID that identifies the call as coming from the IRS or receive mail or email that appears to have the IRS letterhead. The scammers typically try to intimidate victims into acting quickly—by, say, sending a payment to what they claim is an IRS address—by threatening arrest or some other consequence.
If you receive an IRS communication that seems suspicious or doesn’t make sense, please call our office. Whether you are facing a legitimate tax issue or a scam, we can help you sort through the details and determine how to respond. You can report incidents to the Treasury Inspector General for Tax Administration at 800-366-4484. Remember, too, that the IRS website is www.irs.gov, so be on alert if you’re directed to another similar site that ends in .com or .net instead of .gov.