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.
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…
Lots of people may not realize they got premium tax credits. If you applied when you enrolled, you don’t actually “get” the tax credit every month. The IRS pays your premium tax credit directly to your health insurance plan. Your monthly premium costs are lower as a result. The only way to get premium tax credits is to buy from Covered…
HSAs can be used to lower your MAGI and qualify for better cost assistance on the Health Insurance Marketplace, this makes high deductible Silver plans very attractive. We highly recommend using a Health Savings Account (HSA) if your plan has an annual deductible of more than $1,300 for self-only coverage or $2,600 for family coverage. Health Savings…
Every day I hear small business owners, entrepreneurs, and free-lancers ask, “are health insurance premiums tax deductible?” The rules about when health insurance premiums are tax deductible can be confusing. Whether you are an individual, self-employed worker, or small business owner, here is a simple breakdown about when health insurance premiums are tax deductible. As…
By Tom Kisken, Ventura County Star, Calif. Tribune Content Agency Dec. 07–Covered California’s first deadline falls at the stroke of midnight Dec. 15. People who meet the cutoff and enroll in a health insurance plan will have coverage effective New Year’s Day. People who are already insured through Covered California but changing plans should have…
Social Security recipients will receive 1.7 percent bigger checks in 2015, the Social Security Administration announced last week. And some groups of workers will begin receiving benefit statements in the mail with a list of taxes paid and an estimate of their future retirement benefit. Here’s a look at the new Social Security benefits, taxes…
This Saturday is the start of open enrollment for Covered California Healthcare Coverage. If you need health insurance and/or have any questions please feel to call me at 909-570-1103. Don’t get penalized, it is a lot more than you think, see image below: via:NerdWallet Health The cost of the Obamacare penalty in 2014 If you…