Tax Preparation San Antonio
IMMIGRANTS AND TAX RETURN FILING
On November 20, 2014 President Obama announced an executive action on immigration which could extend relief from deportation to an estimated 5 million undocumented immigrants.
OBAMA CARE
The Affordable Care Act Premium Tax Credit is a new refundable tax credit that can lower your monthly health insurance premiums. If you qualify for the tax credit, you can claim the Premium Tax Credit throughout the year to lower your monthly health insurance premiums, or claim the credit with your tax return to either lower your overall tax bill or increase your tax refund.
OUR SERVICES
As a Full Sevice Tax and Accounting firm, our clients have access to a broad range of services needed by most business and individuals.
Obama Care
As of January 1, 2014, most Americans are required to have minimum essential health insurance. For most taxpayers, this means little or no changes to your taxes.
•If you had employer-provided insurance for most of 2014, or you purchased coverage through a private exchange or directly from an insurance company, the ACA's insurance mandate won't impact your taxes. (Note: You may receive IRS Form 1095-B and/or 1095-C from your employer or insurance company in Jan. 2015, but you don't need to report that info on this year's tax return.)
•If you purchased insurance for 2014 from a marketplace, you'll receive IRS Form 1095-A in Jan. 2015. Simply enter the form info when prompted and TaxACT will report the proper information on your return.
If you received the advanced premium credit in 2014, that information will be on your Form 1095-A. You may receive a bigger tax credit or have to pay back some or all of the credit if your actual income is more or less than the amount you estimated at the time you purchased coverage from your marketplace. Enter your Form 1095-A information into TaxACT, and we'll do the calculations and complete the necessary tax form.
If you did not have insurance for 3 or more months in 2014, you may be subject to a penalty (also known as an individual shared responsibility payment) that you must pay when filing your taxes. The penalty is 1% of your 2014 income or $95 per adult – whichever is higher – and $47.50 per uninsured dependent under the age of 18, up to $285 total per family.
IMPORTANT! If you were uninsured and plan to claim an exemption in order to avoid the penalty, go to www.healthcare.gov/exemptions to see if you need to file an exemption application. Be sure to mail your exemption application as soon as possible because processing can take several weeks. If your application is accepted, you'll be issued an exemption certificate number (ECN). Since you must report your ECN on your tax return, don't wait to apply - doing so could delay processing of your tax return and your tax refund!