Late Obamacare Forms Could Be Big Problem for Taxpayers
While you may or may not like Obamacare, the fact is the president’s health care plan has caused problems at tax time since its inception. Apparently, this year is no different. According to a recent report, because of a delay in new tax forms for the health law this year, many taxpayers are facing more confusion.
This year, government programs, insurers and employers are required to send tax forms to consumers, which are used to report whether or not they provided, or offered health insurance that was adequate and affordable. These forms, 1095-B and 1095-C are to help taxpayers with their returns, but they do not have to turn them in with their return.
Unfortunately, for many taxpayers, these forms might not show up until just before the tax deadline, because the IRS has given these entities until March 31 to issue these forms, instead of the usual January 31 deadline.
The good news is that the IRS has said to go ahead and file your return on time even if you haven’t received the required forms. If you make a mistake on your return because you didn’t have the form, the IRS says you won’t have to file an amended return. The other concern is that if any of the forms are inaccurate, which happened last year, or if taxpayers aren’t aware or don’t understand the new rules, then many more problems could arise.
If you aren’t sure how these forms will affect your tax return, or you still haven’t received them, then please contact GROCO for more help.
Collecting Classic Cars with Ardel Brown
Collecting Classic Cars with Ardel Brown Alan: I’m here today with Ardel Brown and we’re going to be looking at his car collection today. Alan: Ardel this is quite the man cave that you have here Ardel: Well it’s taken a little while to get it developed and fill it up, but it’s pretty full…
Study Shows Benefit of Lower Corporate Taxes
Study Shows Benefit of Lower Corporate Taxes Raise taxes on big business! That’s the cry of democratic lawmakers. Democrats argue that keeping the corporate tax rate high will help increase income for workers. While it’s true that wages have basically remained stagnant over the last decade, and the cost of living has gone up, increasing…
Costly Tax Mistakes Entrepreneurs Have to Avoid
Costly Tax Mistakes Entrepreneurs Have to Avoid Anyone can get into trouble with the IRS, including businesses. It seems as though entrepreneurs are especially susceptible to tax troubles, many times because they simply aren’t aware of all the tax pitfalls that lay ahead. However, many of these mistakes can be easily avoided. The key is…
Will the Wealthy Start Exiting California if Tax Hikes Are Extended?
Will the Wealthy Start Exiting California if Tax Hikes Are Extended? Just about everyone is aware that California has one of the highest tax rates in the country. So it wasn’t much of a surprise when voters passed a temporary tax increase back in 2012 that raised the state’s marginal income tax rate to 13.3…