Okay, so it is that time of year again. We at Accounting in Arizona have pulled our capes out of the closet and transformed into tax super-hero mode! Now, we know it is not necessarily as exciting for you as it is for us, but let’s not make it such a chore this time around. Here is a article with ten #tax tips to make your tax filing smooth.
It’s never a good sign when the IRS commissioner is worried about an upcoming tax-filing season. True, recent years have started off with tax uncertainty, which has led to delayed return processing and slowed refunds. And the latest concern is about some expired tax provisions that could produce a replay of the same in 2015.
But beyond those laws and the general hassle of the annual spring rite of filing, there are other tax issues to consider in the coming year. Here are 10 tax matters that could affect you in 2015.
The Affordable Care Act, also known as Obamacare, became law on March 23, 2010, and the tax effects finally will be felt in 2015. There are many new forms and documentation requirements, and some taxpayers will discover that they no longer can use the tax return they are accustomed to completing because of a subsidy to buy health insurance.
First, there’s the coverage issue. Under Obamacare’s individual shared responsibility provision, you must let the IRS know when you file that you had the required minimum essential health care coverage or were exempt. If you have qualified coverage, you’ll get a Form 1095-C from your employer or a Form 1095-B from the insurer. In these cases, you’ll simply check a box on your tax return.
However, if you or anyone in your family doesn’t have the required coverage or aren’t exempt, you’ll have to pay a penalty when you file your return. Both exemption claims and penalty calculations are made on new Form 8965.