You can avoid owing more taxes, or getting a smaller tax refund than expected by reporting changes in your life events to the #Marketplace when they happen.

If you have enrolled for health coverage through the Health Insurance Marketplace and receive advance payments of the premium tax credit in 2015, it is important that you report changes in circumstances, such as changes in your income or family size, to your Marketplace. Advance payments of the premium tax credit (PTC) provide financial assistance to help you pay for …

You may be eligible for the Retirement Savings Credit? Learn more here…

Save on Your Taxes and for Retirement with the Saver’s Credit If you contribute to a retirement plan, like a 401(k) or an IRA, you may be able to claim the Saver’s Credit. This credit can help you save for retirement and reduce the tax you owe. Here are some key facts that you should …

It is important that you file your tax return on time even if you can’t pay!

File on Time Even if You Can’t Pay Do you owe more tax than you can afford to pay when you file? If so, don’t fail to take action. Make sure to file on time. That way you won’t have a penalty for filing late. Here is what to do if you can’t pay all …

There are 5 things phone scammers will do that the IRS will not…

"This is no April Fool's joke. Everyone should be on the lookout for threatening calls from people faking IRS phone numbers and demands for immediate payment," IRS Commissioner John Koskinen said. "These are scams. I urge taxpayers to stay vigilant and remain aware of the constantly changing tactics used by these criminals.” They often leave …

The date for many retirees to take required minimum distributions (RMD) approaches!

"Many Retirees Face April 1 Deadline to Take Required Retirement Plan Distributions" The IRS released a reminder to taxpayers who turned 70½ during 2014 that in most cases they must start receiving required minimum distributions (RMDs) from Individual Retirement Accounts (IRAs) and workplace retirement plans by Wednesday, April 1, 2015. The April 1 deadline applies to …

Taxpayers not expected to pay additional taxes based on corrected Form 1095-A.

Statement from a Treasury Spokesperson on Forms 1095-A 3/20/2015 WASHINGTON - In light of today’s announcement—regarding additional incorrect information on certain Marketplace tax statements (Forms 1095-A)—the Department of the Treasury is expanding the relief it announced previously on February 24,which will mitigate any harm to tax filers.  Any individual who enrolled in qualifying Marketplace coverage, received …

You have until April 15, 2015 to contribute to an IRA for 2014!

Issue Number:    IR-2015-50 Tax Time Guide: Still Time to Contribute to an IRA for 2014 WASHINGTON — The Internal Revenue Service today reminded taxpayers that they still have time to contribute to an IRA for 2014 and, in many cases, qualify for a deduction or even a tax credit. Though contributions to Roth IRAs are not …

%d bloggers like this: