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Who Qualifies for the Head of Household Filing Status?
Head of Household is one of five filing status options from which a person must chose when filing their taxes. A person can claim the Head of Household filing status on their tax return if the person passes three tests: Unmarried Test, Support Test, and Qualifying Person Test. A person filing for head of household... Continue reading→
Child and Dependent Care Tax Credit
Individuals who pay for day care expenses for their children or disabled adult dependents may be eligible for a federal tax credit of up to 35% percent of the cost of day care. To qualify for the child and dependent care credit, you must have a dependent child age 12 or younger, or a dependent... Continue reading→
Married Filing Separately or Not
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... Continue reading→
2015 MARKETPLACE ENROLLMENT CHOICES
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... Continue reading→
Reporting Life & Income Changes to the Marketplace
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... Continue reading→
New Standard Mileage Rates for 2015
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... Continue reading→
Three Simple End Of Year Tax Saving Tips!
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... Continue reading→
There is a Tax Penalty for Not Having Health Insurance?
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... Continue reading→