Married couples may find it easier to file one single joint tax return, especially if one spouse is responsible for a majority of the couple’s income. In cases where both spouses earn income, the option to file separately may be more beneficial in regards to providing a lower tax liability. However, couples should always figure […]
— Read moreSeveral federal tax provisions have expired as of November 2013, and Congress has yet to respond to the issue. While the public waits for Congress to approve extender legislation, which probably won’t happen until late December at the earliest, there are a few changes that will significantly impact taxpayers filing for 2014. Industry specialists suggest […]
— Read moreFor tax purposes, marital status is decided by your legal position on December 31st. Couples who have divorced or legally separated are considered “unmarried individuals” for the entire year, regardless of when the decree went into effect, as long as neither has remarried before the last day of December. Divorced or separated individuals who file […]
— Read moreBefore you file your 2014 federal taxes, you should be aware of how the Affordable Care Act will impact your return. Depending on if you have health care coverage and where you received it from, you may notice a larger impact this tax season. Many taxpayers have healthcare coverage through their employers, government provided plans […]
— Read moreThe tax season is rapidly approaching, and it’s as good a time as any for taxpayers to make sure they understand the relationship between their health insurance tax credit and the two tax forms which help calculate the amount of credit an individual is due. For 8962 (Premium Tax Credit) and Form 1095-A (Health Insurance […]
— Read moreA form 1099-INT reports all taxable interest you receive. You are required to report the amount on your federal tax return, regardless of whether or not you have to pay tax on the interest. You aren’t required to attach copies of the 1099-INT to your tax return, as long as you report the information. Understanding […]
— Read moreIf you’ve received retirement payments throughout the year from your pension, annuity, or similar type of plan, you’ll receive a Form 1099-R as a report of the fund distribution. Payments from Pensions and Annuities When you set up a retirement fund with your employer, you are essentially arranging a compensation agreement. Most retirement plans don’t […]
— Read moreAnyone who is self-employed has likely received a Form 1099-MISC at some point in their career. Even if you are self-employed for a part of the year, you will receive a 1099-MISC from each client who paid you in excess of $600 during the year. Basically, this form is similar to a W-2, except it […]
— Read moreThere’s a chance you’ll need to report the information listed on a Form 1099-G should you receive one from a government agency. Typically, 1099-G is used to report compensation from unemployment benefits, along with tax refunds issued by the state or local government. Unemployment Benefits If you receive compensation from unemployment, you are required to […]
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