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ARE YOU READY?

Even if your tax situation isn't complicated, there's still documentation the IRS demands. But filing taxes doesn't have to be an ordeal. And it can be less frustrating and less time-consuming if you have all the material at your fingertips. By being prepared, you'll be ready to file your return at the earliest possible moment.…
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IRS Reminds Individuals to Report Life Event Changes to the Health Insurance Marketplace; May Impact Premium Tax Credit Eligibility

Individuals who obtain health insurance through the Affordable Care Act (ACA) Health Insurance Marketplace must advise the Marketplace of changes in certain circumstances, the IRS has reminded taxpayers. Any life event, the IRS noted, may impact an individual’s eligibility for the Affordable Care Act Premium Tax Credit. Coverage and credit. Individuals who obtain coverage through…
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Self Employed Health Insurance Deductions

What types of insurance are eligible for the self-employed health insurance deduction? Answer: The deduction may be taken only for premiums paid for medical insurance, dental insurance and qualified long-term care insurance. Moreover, the deduction may be taken only for premiums for insurance that covers the taxpayer, spouse and dependents (Code Sec. 162(l)(1); IRS Pub.…
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