Gathering documents and maintaining well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information. You will not need to send the IRS proof of your health coverage. However, you should keep any documentation with your other tax records. [...]
When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home [...]
The Health Insurance Marketplace is the place where people without health care insurance can find information about health insurance options and also purchase health care insurance. Information can also be found regarding eligibility for help with paying premiums and reducing out-of-pocket costs. In addition to the federally-facilitated Marketplace, HealthCare.gov, there are also state-based Marketplaces. If [...]
The Internal Revenue Service wrapped up the 2015 "Dirty Dozen" list of tax scams today with a warning to taxpayers about aggressive telephone scams continuing coast-to-coast during the early weeks of this year's filing season. The aggressive, threatening phone calls from scam artists continue to be seen on a daily basis in states across the [...]
The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return. If you meet certain criteria, you may be exempt from the requirement to have qualifying health coverage. [...]
Children may help reduce the amount of taxes owed for the year. If you’re a parent, here are several tax benefits you should look for when you file your federal tax return: • Dependents. In most cases, you can claim your child as a dependent. You can deduct $3,950 for each dependent you are entitled [...]
It’s important that you use the correct filing status when you file your tax return. Your status can affect the amount of tax you owe for the year. It may even affect whether you must file a tax return. Keep in mind that your marital status on Dec. 31 is your status for the whole [...]
Health Care Law & Your Tax Return Affordable Care Act & Taxes - At a Glance IF YOU… THEN YOU… And everyone in your tax household had health coverage for the entire year Will simply check the box on line 61 of Form 1040, line 38 of Form 1040-A, or line 11 [...]
Top 10 Tax Facts about Exemptions and Dependents Nearly everyone can claim an exemption on their tax return. It usually lowers your taxable income. In most cases, that reduces the amount of tax you owe for the year. Here are the top 10 tax facts about exemptions to help you file your tax return. 1. [...]
The Internal Revenue Service today warned taxpayers to watch out for fake emails or websites looking to steal personal information. These “phishing” schemes continue to be on the annual IRS list of “Dirty Dozen” tax scams for the 2015 filing season. "The IRS won’t send you an email about a bill or refund out of [...]