It’s a new year and W-2′s and 1099′s are beginning to arrive in the mail signaling the start of a new tax season! Have you started pulling your records and receipts to prepare you taxes? Don’t forget, this year new healthcare rules take effect. Have you studied these new rules? Even if you’re comfortable preparing your taxes yourself, this may be the year to hire a professional:
There are only two important federal income-tax changes for individual taxpayers for 2014 beyond the usual inflation-indexing of tax-rate brackets and various other parameters. Both have to do with the Affordable Care Act, also referred to as “Obamacare”. The Affordable Care Act from 2010 will affect all Americans in some manner. The IRS as a result of this act released five new tax forms for 2014. If you received a Form 1095 from any issuer or agency, we MUST have all copies to prepare your tax return. If you did not receive a 1095, we must ask you a number of additional questions about insurance coverage so that we can help you avoid any penalties for failure to have health insurance. All said, “Obamacare”—may be complicated enough to inspire many people to engage the services of a professional tax preparer.
You can read more in this article in The Wall Street Journal by Bill Bischoff explaining the Health Care Rules.
We’ve updated the Information Center link with a 2014 Data Sheet and Health Care Questionnaire to aid in completion of your Form 1040. This is the year to hire a professional. Call us today and we’ll help you get through these new and important reporting changes.