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.
Will Your Tax Refund Be Delayed?
It’s only January, but because the calendar has turned to 2015, that means the tax season is officially here. While most people don’t file their taxes in January, there are a few early birds who go after the first worms of the year, so-to-speak. Although it’s often a good idea to make sure the IRS,…
Are You Looking To Invest for Growth?
What kind of investor are you? There are many types of investment strategies and each person will follow the strategy that best fits his or her plan. At GROCO, we can help all kinds of investors, including those who are investing for growth. When it comes to long-term growth, the total return on your investment…
Not Living on the Earth? You Still Have to Pay Your Taxes on Time
You gotta hand it to the IRS for being thorough. They’ll leave no stone unturned in an effort to make sure that every taxpayer files their return. That’s even true of very big stones, otherwise known as asteroids. In other words, even if an astronaut wanted to hide behind an asteroid or a moon rock,…
With Gas Prices Down, Could Gas Taxes Be Going Up?
Rich or poor, young or old, no one likes high gas prices – with the possible exception of oil and gas companies. In any case, the recent drop in gas prices around the country has no doubt brought some relief to just about everyone in America, including big corporations that own large fleets of vehicles.…