Important Tax Considerations During Health Insurance Open Enrollment

On Tuesday, the IRS published three important tips for tax payers who will be eligible for the premium tax credit through the Health Insurance Marketplace.  When you apply for assistance to help pay the premiums for health coverage through the Health Insurance Marketplace, the Marketplace will estimate the amount of the premium tax credit that you may be able to claim.  … [Read more...]

Don’t Forget About Changes That Could Affect Your Premium Tax Credit

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right for a mid-year checkup to see if you … [Read more...]

Time for a Mid-Year Tax Check-Up

Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major effect on your taxes. You can bring the tax you pay closer to the amount you … [Read more...]

Health Care Law Brings Changes to Tax Forms

There are new changes to 2014 tax forms that are related to the Affordable Care Act. Along with a few new lines on existing forms, there are two new forms that will need to be included with some tax returns. There are also new lines on Forms 1040, 1040A, and 1040EZ related to the health care law. Most people will simply need to check a box on their tax return to … [Read more...]