Obamacare saw the healthcare system change forever. It also came with three new tax forms. The 1095 family of tax forms is there to determine if you need to make any shared responsibility payments. This is the fee you have to pay if you don’t have a valid health insurance policy. If you already
Tax Prep Checklist
Preparing your taxes will be one of the most stressful courses of action you will take this year. Tax preparation becomes much easier when you have a list of exactly what you need. This guide will show you what you need to look at when it comes to preparing your taxes for this year. Do You Have the
Why Your 2015 IRA Contribution Will Hurt Your Children’s 2016-2017 College Aid
College aid is a huge help for students to afford college. You probably need it to help them get a good standard of living while they are studying in higher education. But your IRA contributions for 2015 may ruin their ability to receive the funding they need. This article will explain why. The
Can Lawyer Fees Be Written Off on Taxes Legally?
Legal fees are always a pain to deal with. There are a lot of complex rules on what you can deduct and what you can’t. The answer is that only certain lawyer fees can be written off on your taxes. In most circumstances, though, you will have to count them as a personal expense. When counted as such
An Overview of Form 1040EZ
Form 1040EZ is just one of many IRS forms you may come across. It’s a type of statement designed to report how much you’ve earned to the IRS. If this form is brand new to you, we are going to introduce you to the main facts. The Simplest Form This is the easiest and fastest form to file with. It’s
Five Tax Benefits for Sole Proprietors
Sole proprietors are in a good position when it comes to tax because they have a range of benefits exclusive to them. If you are a sole proprietor and you aren’t yet claiming these five tax benefits, you are missing out on a lot of money. Health Insurance Deductions The big benefit you have
Five Items You May Need Before Filing Taxes
Filing taxes isn’t always simple. There are certain things that can make your life easier. We are going to go through the five things you may need to successfully file your taxes. Tax Software You can do things the old-fashioned way, but we wouldn’t recommend it. Tax software, such as TurboTax, is
Why Form 1099 is the Most Important Tax Form of All
Form 1099 is the holy grail of tax forms. It’s the form submitted to the IRS by the person who pays you. Nevertheless, it comes in many different variations. The self-employed will have them. The employed will have them. In addition, anyone else you think of will likely have a type of the 1099 IRS