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2017 update for taxpayers

Posted on January 9, 2017 at 1:00 PM Comments comments (0)

The IRS reminds taxpayers that a new law requires the IRS to hold refunds claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) until Feb. 15. In addition, the IRS wants taxpayers to be aware it will take several days for these refunds to be released and processed through financial institutions. Factoring in weekends and the President’s Day holiday, the IRS cautions that many affected taxpayers may not have actual access to their refunds until the week of Feb. 27.

 

Affordable Healthcare Act

Posted on February 7, 2015 at 12:40 AM Comments comments (0)

Tax Time and the Health Care Law:

The individual shared responsibility provision requires that you and each member of your family have qualifying health insurance, a health coverage exemption, or make a payment when you file. If you, your spouse and dependents had health insurance coverage all year, you will indicate this by simply checking a box on your tax return. No further action is required. For those who purchased coverage through the Marketplace, you may be eligible for the premium tax credit. This is the first year that you will report health coverage on your tax return.

Most taxpayers already have qualifying health care coverage, and will simply check a box on their tax return.

This includes coverage from an employer, Health Insurance Marketplace coverage, and government-sponsored programs like Medicare, Medicaid, and CHIP. If you purchased coverage through the Marketplace, you will receive a Form 1095-A, which provides information about your coverage.

For more information go to:

http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families



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