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Showing posts from March, 2015

Your Fee For Not Having Health Coverage

You may have just paid or will pay a Health Care: Individual Responsibility Payment on your 2014 tax return.  Your payment would have been or will be the greater of:

1% of your household income that is above your filing threshold or $95 per person (with a max of $285 using this method).

Now what about 2015?  You can expect to pay more for 2015 if you don't have the necessary coverage.  For 2015 you can expect your penalty (Health Care: Individual Responsibility Payment) to be the greater of: 

2.0% of your household income that is above your filing threshold or $325 per person ($162.50 per child under 18)

For 2016 the penalty is:

2.5% of your household income that is above your filing threshold or $695 per person ($347.50 per child under 18)
So if you do not have the necessary coverage you ought to take a look at the cost of coverage through the exchanges and compare it to your expected penalty.  You may be able to save yourself some money by getting coverage.  

Here is a link to more inf…

Success: Filing Your Business Tax Returns

To succeed in your business you go about everything with a successful mindset.  It is no different when it comes to getting your tax returns done.  Go about it like the success that you are.
Succeed in getting Your Taxes Done To get through tax season more smoothly, approach it like anything else that is of great importance to your business.  Don't panic because you have a valuable resource in your CPA to guide you through the process.  If you let him drive you through the process it will go better.  But along the way ask questions with a determination to get more value from your CPA than just a tax return.  My most successful clients are the ones that spend the most time communicating with me and the least amount of time sharing information documents. How do you minimize your time transmitting information to your CPA?  The process will be so much better if you have all your information to transmit to your CPA at one time and have it highly organized.  If you send your information …