The answer is tax time… That’s right, it is that time of year when Americans all over our country begin to think about and prepare their tax returns.
This website brought to you in part by the following sponsor:
As usual, Congress and the IRS always have some changes… and although there is always a surprise or two in the changes, most would agree they are rarely beneficial. On the other hand, even though Congress waited until the last possible moment, they did approve the “so called Bush Amendments.” That means a number of “tax breaks” will be available again this year.
The biggest emphasis and change this year is in the health care arena. The new tax law will mandate all tax returns to report health insurance status. Some returns will have a box checked and some will have new forms included with the 1040 Form. Some individuals will owe a penalty which will be added to their balance duel and or reduce their refund. Many individuals will be eligible for a “premium tax credit” if they purchased health insurance through the “Marketplace.” Others may have purchased health insurance through the “Marketplace” and given themselves a credit which is incorrect and then the credit will have to be paid back. Obamacare has caused a lot of confusion for many folks.
This may be a good year to see a tax preparer if you haven’t in the past.
This press release is from Eichler Tax Service in Gallatin.