- Recordkeeping Tips to Keep the IRS Away
- With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most commonly encountered pitfalls. Here are some tips to help keep the proper records.
- Failed to Report Your Foreign Financial Assets? The IRS's Streamlined Voluntary Filing Compliance Program May Be for You.
- If you are a U.S. taxpayer who has not reported your foreign financial assets on your tax returns and you can certify that the reporting failure and nonpayment of all tax due related to those assets did not result from willful conduct on your part, you can come into compliance with the IRS by doing the following:
- Avoid Tax Surprises: Report Life Changes to the Marketplace
- If you are enrolled in insurance coverage through a government Health Insurance Marketplace, it is important that you report certain changes to the marketplace when they happen, such as changes to your household income or family size and other issues that affect your eligibility for and the amount of the advance premium tax credit (APTC). The APTC is used to reduce the amount you must pay for your monthly health insurance premiums.
- Ever Wonder What a Tax Deduction Might Save You?
- Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, while business deductions can offset both income and self-employment tax. In other words, there are many factors to consider, and the tax benefits differ for each individual, depending on his or her particular situation.
- Obamacare Adds New Levels of Complexity to Tax Returns
- Obamacare – or, more officially, the Affordable Care Act (ACA) – insurance mandate, along with its health insurance premium subsidies available from insurance marketplaces, premium tax credit (PTC), and penalty for not being insured, is going to affect just about every taxpayer in one way or another.
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