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 […]
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: […]
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 […]
Calling the IRS? Expect Major Delays
Due to major budget cuts in the IRS you should expect: Delays in refunds are expected especially for taxpayers who are still filing paper returns Major sloooowwww downs on tax returns errors Extensive delays on getting questions answered on the phone due to the reduced number of IRS agents. I’m already hearing reports of people […]