Category Archives for "Uncategorized"

Online Tools Help Individuals and Employers Estimate Health Care Law’s Effect on Taxes

Whether you’re an employer or an individual taxpayer, the Taxpayer Advocate Service has several tools available to assist you in estimating credits and payments related to the Affordable Care Act. The Taxpayer Advocate Service recently added a tool to help employers understand how the employer shared responsibility provisions apply to their organization.
Because these tools provide only an estimate, you should not rely on them as an accurate calculation. You should use these estimators only as a guide to assist you in making decisions regarding your tax situation.
Tools for Employers
The Employer Shared Responsibility Provision Estimator helps you understand how the provision works and how it may apply to your organization. If you are an employer, you can use the estimator to determine the number of your full-time employees, and whether you might be an applicable large employer. You can also use this estimator to compute your maximum potential liability for the employer shared responsibility payment.
The Small Business Health Care Tax Credit Estimator helps determine if you might be eligible for the Small Business Health Care Tax Credit and how much credit you might receive. This tool provides you with an estimate for tax year 2014 and beyond. However, some figures used in determining the credit are indexed for inflation. Because of this, for future years, the estimator cannot provide a detailed estimate.
Tools for Individuals
The Premium Tax Credit Change Estimator helps estimate how your premium tax credit will change if your income or family size changes during the year. This estimator tool does not report changes in circumstances to your Marketplace. To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace. Be sure to report all changes directly to that Marketplace because they can affect both your coverage and your final credit when you file your federal tax return.
The Individual Shared Responsibility Payment Estimator helps you estimate the amount you may have to pay if you did not have minimum essential coverage during the year. This tool can only provide an estimate of your individual shared responsibility payment. To determine the payment when you file your tax return, use the Shared Responsibility Payment Worksheet in the instructions for Form 8965.

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Getting Advance Payments of the Premium Tax Credit? Remember to Report Changes in Circumstances

If you purchased 2016 health care coverage through the Health Insurance Marketplace, you may have chosen to have advance payments of the premium tax credit paid to your insurance company to lower your monthly premiums. If this is the case, it’s important to let your Marketplace know about significant life events, known as changes in circumstances.
These changes – such as those to your income or family size – may affect your premium tax credit. Reporting the changes will help you avoid getting too much or too little advance payment of the premium tax credit. Getting too little could mean missing out on premium assistance to reduce your monthly premiums. Getting too much means you may owe additional money or get a smaller refund when you file your taxes. If your income for the year turns out to be too high to receive the premium tax credit, you will have to repay all of the payments that were made on your behalf, with no limitation. Changes in circumstances that you should report to the Marketplace include:
• an increase or decrease in your income
• marriage or divorce
• the birth or adoption of a child
• starting a job with health insurance
• gaining or losing your eligibility for other health care coverage
• changing your residence
Changes in circumstances may qualify you for a special enrollment period to change or get insurance through the Marketplace. In most cases, if you qualify for the special enrollment period, you will have sixty days to enroll following the change in circumstances. You can find Information about special enrollment at HealthCare.gov.
The Premium Tax Credit Change Estimator can help you estimate how your premium tax credit will change if your income or family size changes during the year. This estimator tool does not report changes in circumstances to your Marketplace. To report changes and to adjust the amount of your advance payments of the premium tax credit you must contact your Health Insurance Marketplace.
Find out more about the premium tax credit and other tax-related provisions of the health care law at IRS.gov/aca.

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Health Care Law and 2013 Taxes

  For most people, the Affordable Care Act has no effect on their 2013 federal income tax return.  For example, you will not report health care coverage under the individual shared responsibility provision or claim the premium tax credit until you file your 2014 return in 2015. However, for some people, a few provisions may […]

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IRS Reminder for 2014 Health Care

Everyone has important decisions to make concerning health care coverage in 2014. Beginning in 2014, you must choose either basic health insurance coverage (known as minimum essential coverage) for yourself and everyone in your family for each month; or go without health care coverage for some or all of the year.

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We Have Moved!

I have relocated my office to the Bexley area!  Please consider me for your tax filing needs in 2013!   Thanks! Suzanne Shively   Boyer Bookkeeping, Inc. 2770 East Main Street Suite 21 Columbus, Ohio 43209 (614) 743-2120

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How to Depreciate Land

Here is an interesting article I found about depreciating your land!  Read below. Depreciation is the deduction you take to expense and recover the cost of a business or investment asset. If that asset has a useful life of more than one year, normally the IRS requires you to write off the cost over that […]

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