It’s Tax Time – What Do I Need?

You only do it once a year, so it can be difficult to remember what documents are needed.   If I’m your tax preparer, start with this one 2016 Client Tax Questionnaire Client Tax Questionnaire, and provide a copy of your social security card and your state issued identification. Next, do the following: FIRST – — Verify the […]

2016 Tax Season Begins!

Hello Clients and Friends The 2016 Tax Season officially begins on January 19. I will officially begin working with clients on Friday, January 22nd. You may start sending your documents over at any time.   In Addition To Your Normal Documents, Please Make Sure You Send: The attached questionnaire. Click here to download 2015 Client […]

2015 Affordable Care Act Open Enrollment Starts November 1st

Open Enrollment Period for Affordable Care Act insurance plans is November 1, 2015 – January 31, 2016. In ObamaCare TAX TALK here are some things you should expect to be different on your  2015 income tax return: The fee (penalty) for not having health coverage in 2016 will be the higher of these two amounts: […]

Affordable Care Act Penalty Examples – 2015 Income Tax Return

Yes… the penalty for not having medical insurance has increased this tax year. Whereas it was relatively painless on your 2014 income taxes, at about $95 per person, it’s much higher in 2015 and will be even higher in 2016.  I will post various scenarios throughout this tax season; but for now, here are just […]

What Are ‘Qualified Education Expenses’ for Income Tax Purposes

Once you’ve chosen a school, your qualified education expenses (registration, tuition, books & supplies, and in some cases, activity fees) are generally tax advantageous unless those expenses were offset by a scholarship or grant of some kind. The two most applicable education credit options are the American Opportunity Credit and the Lifetime Learning Credit. There is also […]

How the Affordable Care Act Impacts Your Taxes

The 2014 tax year will look very similar to past years; but 2015 is when you’ll see the changes.  You may: pay more taxes (especially for high income earners – ie those above $200,000/year) See forms and receive notices from the IRS that you’ve never seen before Receive tax forms from your health insurance company […]