Straight Forward Accounting

  • Home
    Home This is where you can find all the blog posts throughout the site.
  • Categories
    Categories Displays a list of categories from this blog.
  • Tags
    Tags Displays a list of tags that has been used in the blog.
  • Bloggers
    Bloggers Search for your favorite blogger from this site.
  • Team Blogs
    Team Blogs Find your favorite team blogs here.
  • Login

Posted by on in Taxes

I was recently reviewing the ACA information, since we all have to deal with this for the upcoming tax filing.  I came across some information that affects those people who are receiving advance payments to help pay for their medical insurance.  I noticed something that could affect them that they might not be aware of and should be.

If you have a change in income either increase or decrease or a change in the family size and do not report that change to the marketplace, where they purchased their insurance from, at the time it happens during 2014 it could affect the amount of credit they should be receiving for the year.  In that case when their return is filed in 2015 for the tax year 2014, they could have too little or too much credit and that could cause a change to the refund received.  Or maybe worse, they end up with a balance due and no one wants that.  So be sure to report any changes to the marketplace so the advance payments are correct and you can avoid this kind of issue next year.

 

Hits: 1383
Rate this blog entry:
0

Posted by on in Taxes

 

 

Stress can be great for the non-filer of tax returns.  If you have or ever have known someone who got behind for one reason or another on filing there tax returns you know how much stress they are under.  There are very valid reasons why people can get behind on filing their returns.  They can vary from divorce, illnesses, family issues, job loss or even depression.  What ever the reason, they can go year after year and before you know it they many years are behind and they almost forget about it, until they get a notice from the Internal Revenue Service.  Once that happens then panic ensues and they don’t know what to do.  They usually do not know what happen to their documents; W-2’s, 1099’s and mostly their expenses to deduct for either their business income or itemized deductions like home interest and taxes.  Well for those non-filers there is a way out but it does take some effort.  They must try to gather what they can, hopefully credit card statements and bank statements.  Even for some years duplicate documents can be obtained from employers or businesses that issued the W-2 and 1099’s.  If not, take heart, the IRS does have your income information but what they don’t have is your expenses.  So any notice received shows more in tax owed then should be the case.  Once you gather together what you have then the process of sorting out each year begins and trying to remember what it is you spent your money on.  At any rate, if you or someone you know is a non-filer and would like to make the stress go a way you can contact Straight Forward Accounting.    We will be very glad to help you in your quest to get the returns filed, avoid higher taxes than you really should owe, and stop the penalties and interest from growing higher.  A simple call to schedule an appointment will reduce the stress right away and get you back on track instead of fearing what the IRS could do. 

Hits: 1331
Rate this blog entry:
0

Affiliates

Debra Roubik
Economist, Principal
Veritas Business Advisors
1300 S. Litchfield Road Suite A1020 Box 1
Goodyear, AZ 85338
623-882-9252
This email address is being protected from spambots. You need JavaScript enabled to view it.
Cell: 623-340-4048
www.veritasba.com

Our Location

Located just east of 99th Ave And North of Bell Rd.

Straight Forward Accounting

Contact Us!


623 . 328 . 7866 Phone

623 . 399 . 4294 Fax

623 . 826 . 5172 Cell

sharon@sf-acct.com Email

You are here: Home Blog Bloggers Sharon

Copyright © 2015 Straight Forward Accounting   Last Updated 5/23/2015