Tax Refund Offsets Pay Unpaid Debts

If you can’t pay your taxes in full, the IRS will work with you. Past due debts like taxes owed, however, can reduce your federal tax refund. The Treasury Offset Program can use all or part of your federal refund to settle certain unpaid federal or state debts, to include unpaid individual shared responsibility payments. […]

What is the Additional Medicare Tax and Who Pays It?

On Nov. 26, 2013, the IRS issued final regulations implementing the Additional Medicare Tax (AMT) as added by the Affordable Care Act (ACA). Some taxpayers may be required to pay an Additional Medicare Tax if their income exceeds certain limits. Here are some things that you should know about this tax: Tax Rate.  The Additional […]

Does Your Company Need to File Form 1095-B?

A company is responsible for filing IRS Form 1095-B only if two conditions apply: It offers health coverage to its employees, and it is “self-insured.” This means that the company itself pays its employees’ medical bills, rather than an insurance company. A company that doesn’t meet both conditions won’t have to deal with Form 1095-B. […]

Year End Tax Tips for Businesses

The National Society of Accountants is offering some year end tax tips for businesses. Consider several general strategies, such as use of traditional timing techniques for income and deductions and the role of the tax extenders, as well as strategies targeted to your particular business. As in past years, planning is uncertain because of the […]

Life Changes Cause Tax Changes: Mid-Year Review

Each year, many people get a larger refund than they expected. Some find they owe a lot more tax than they thought they would. If this happened to you, review your situation to prevent another tax surprise. Did you marry? Have a child? Have a change in income? Some life events can have a major […]

Five Tax Tips for New Businesses

If you start a business, one key to success is to know about your federal tax obligations. You will need to know not only about income taxes but also about payroll taxes and applicable state and local taxes. Here are five basic tax tips that can help get your business off to a good start. […]

Tips for Filing an Amended Return

Have you found an error on your federal tax return? If so, you may need to file an amended return. Here are ten tips for filing an amended tax return: 1.    Tax form to amend your return.  Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct your tax return. You must file a […]

Additional Medicare Tax – What You Need to Know

On Nov. 26, 2013, the IRS issued final regulations implementing the Additional Medicare Tax as added by the Affordable Care Act (ACA).  Some taxpayers may be liable for an Additional Medicare Tax (AMT) if your income exceeds certain limits. Here are some things that you should know about this tax: Tax Rate.  The Additional Medicare Tax rate […]

ACA Open Enrollment Begins November 15

The Affordable Care Act open enrollment period is about to begin. If you’re currently uninsured or buy coverage on your own, here are some things to keep in mind as you weigh your options. The open enrollment period has changed. Open enrollment runs between November 15, 2014 and February 15, 2015, but if you want […]