Thank you to TaxMama for this update.”..One major 2018 issue that really needs to change is the loss of the deduction for casualty and theft losses. For instance, if you have a fire in your home, or if someone steals your identity and wipes out your bank accounts, or you fall for a Ponzi scheme – none of that is deductible any longer.
This is definitely one of those deductions you want to put pressure on Congress to restore. You can reach your legislatures here – http://taxmama.com/special-reports/call-to-action/ .
The Internal Revenue Service announced today that the nation’s tax season will begin Monday, Jan. 29, 2018 and reminded taxpayers claiming certain tax credits that refunds won’t be available before late February.
The IRS will begin accepting tax returns on Jan. 29, with nearly 155 million individual tax returns expected to be filed in 2018. The nation’s tax deadline will be April 17 this year – so taxpayers will have two additional days to file beyond April 15.
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It is January 1st: If you deduct your mileage, take a picture of your odometer today. The IRS requires contemporaneous proof and a photo of starting mileage for the year is excellent proof for those purposes. Pass it on to your clients.
This morning I spent a few hours doing some tax training for County of San Bernardino to discuss Affordable Care Act, Covered California, and IRS. I got to share some of my knowledge with County officials, Certified Enrollment Counselors, and Community Partners.
Yesterday, I attended an event by Covered California where some top officials flew in from Sacramento to have a discussion about Covered California and current updates, concerns, tips for the last month of open enrollment.
It really bothered me when they mention there was over 700 registered agents in the area that was notified about this event, and only about 50 actually showed up. How are you supposed to give your clients the best possible help if you do not really understand what is happening.
I learned so much in this 3 hour session it should have been mandatory for all agents, there was a lot of valuable insights, tips, and recommendation we learned.
I spent quite a bit of time speaking with the Director of Sales for Covered California, Kirk Whelan.
The highlight, was when I was honored to be asked to give my insights on the tax implications this year with IRS and Affordable Care Act.
I have a unique insight being a licensed tax preparer and Certified Covered California Insurance Agent.
After the event, I was invited by the City of San Bernardino Employment & Training Agency, to speak and educate up to 30 of their field staff and Certified Enrollment Counselors for Covered California, to discuss what to they can expect this tax season, to discuss the 1095 forms that consumer will start getting any day, and to discuss more about tax implications, tax penalties, and subsidies.
Looking forward to speaking at this event. If you have any questions about how ACA could affect your taxes gives us a call 909-570-1103
Yes, if you got premium tax credits for 2014, you have to file a federal tax return. Even if you have never filed before, starting in 2014 if you got tax credits you have to file a tax return.
Your premium tax credits are based on the income you report to the IRS. When you applied for health insurance through Covered California, you had to estimate your family income. At tax time, you have to let the IRS know what your family’s actual income was for the year.