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.
Obama Looking to Stick the Wealthy With Even More Taxes
His second term in office is winding down, but President Obama would still like to raise taxes on high net worth individuals before he checks out of the White House at the beginning of next year. Although the president has already taken several measures to raise the effective tax rate on the wealthy, he is…
Which Tax Breaks Help High Net Worth Taxpayers the Most?
It’s no secret that the United States government generally taxes high net worth individuals at a much higher clip than those in the lower- and middle-income brackets. However, despite that fact, there are still many provisions in the tax system, if used properly, can help wealthy earners save on their taxes. So what are some…
Tax Preparers Get Busted for Fraudulent Practices
Every tax season is full of stories and tales of people who go to great lengths to avoid paying taxes. In addition there are dozens of reports of unscrupulous tax preparers that get caught trying to cheat the system: either their clients or the IRS, or both. We want to share a few of those…
Entrepreneur Think Deductions, Deductions, Deductions!
Are you an entrepreneur looking for a tax break? Entrepreneurs have a lot on their plate, including living with the financial risk of their entrepreneurial efforts. That’s why it’s so important for any entrepreneur to be aware of any and all deductions come tax time. There are dozens of deductions to be had, but the…