Yes, the IRS no longer has a penalty for uninsured taxpayers starting 2019. However, CA picked up the slack and will now penalize residents if they don’t have coverage starting Jan 2020. “Effective January 1, 2020, California residents MUST obtain minimum essential health care coverage to avoid the new California individual health care mandate penalty…
Here are some things you should do to make tax season a little easier: 1) Find a special folder or box to collect all tax documents when they start snailing in in January/February. That way no matter who gets the mail, they know where to put the Important Tax Information. 2) Total up all your…
The W-4 form is what your employer/payroll department uses to calculate the withholding on your paycheck. It used to have you claim “exemptions” per person in your household. You probably remember claiming something like Single 3 or Married 4. Well those are the days of the past! The new forms are going to be a…
Did you owe taxes last year? Did your kid graduate college? Did you get married? or have a baby? Did you get a raise? These are all reasons to double check your withholding at work. If you don’t withhold at least 90% of your liability for the year (80% for 2018 due to the new…
Scams using the IRS as a lure continue. They take many different forms. The most common scams are phone calls and emails from thieves who pretend to be from the IRS. They use the IRS name, logo or a fake website to try to steal your money. They may try to steal your identity too….
We all know that new tax regulations can cause hiccups when filing your tax return, and the new Covered CA/ObamaCare has been no different. Its been a challenge to correctly report the tax form 1095-A, especially when commingled with private insurance coverages throughout the year or for separate household members. But I don’t think anyone…
Most people file their tax return because they have to, but even if you are required to, there are times when you should. You may be eligible for a tax refund and not know it. Here are six tax tips to help you find out if you should file a tax return: General Filing Rules. …
For your 2014 tax return: If you did NOT use Covered CA/Market Place to obtain health insurance and/or have health insurance through your employer, there is only one question for you- Did you have health insurance for the entire year? If you DID use Covered CA/Market Place to obtain health insurance, you will receive a…
2015 is almost upon us which means the 2014 tax season is just around the corner! Before the stress of the holidays kicks in, here are some things you should do to make tax season a little easier: 1) Find a special folder or box, and designate an area, to collect all tax documents…
The IRS has had a computer matching system for quite awhile now. It automatically matches the numbers from your tax return, with what was reported to the IRS by others such as: W-2, 1098 mortgage interest 1099’s for contract work Social Security Income Interest income Dividends Stock sales K-1 from Partnerships or Corps Alimony Gambling…
Copyright 2015