Married Filing Separately or Not Married taxpayers can choose between filing a joint tax return or a separate tax return. The Married Filing Separately filing status provides fewer tax benefits than filing joint returns, so taxpayers will need to weigh the pros and cons and decide for themselves which is the best filing status. The […]
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If you had coverage through the Health Insurance Marketplace in 2014, you can renew or change plans for 2015. The deadline for enrolling or changing plans is February 15. Most people with 2014 coverage were automatically enrolled in a health plan, with coverage starting January 1. You can change plans until February 15, even if
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Once you have Marketplace coverage, you must report certain life changes. This information may affect the coverage or savings you’re eligible for. It’s important to report these changes to the Marketplace as soon after the change as possible. If your income goes up or you lose a member of your household, you may qualify for
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The Internal Revenue Service issued the 2015 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2015, the standard mileage rates for the use of a car, van, pickup or panel truck will be: 57.5 cents per mile for
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Although the year is almost over, you still have time to take steps that can lower your 2014 taxes. Start a Filing System. If you don’t have a filing system for your tax records, you should start one. It can be as simple as saving receipts in a shoebox, or more complex like creating
Three Simple End Of Year Tax Saving Tips! Read More »
Obama Care’s individual mandate requires that most Americans obtain health insurance by 2014 or pay a tax penalty. The individual mandate went into effect January 1st, 2014. The penalty will be applied to your year-end federal modified adjusted gross income for each month you don’t have health insurance or an exemption. To avoid the penalty you needed coverage that started by May
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