There Is a Bright Side for Early Filers Victimized by Obamacare Gaffe
There’s been no shortage of complaints and problems with Obamacare since the nations new health care coverage law went into effect. In fact, the debate continues to rage on and another major decision from the U.S. Supreme Court is forthcoming in the months ahead. However, for the time being, Obamacare has been a problem for many taxpayers at this time of year.
The biggest gaffe came when the Obama administration announced in February that as many as 800,000 taxpayers who followed directions and purchased their health insurance through the government marketplace had received invalid tax statements. The government mailed out Form 1095-A, which showed healthcare credits, to millions. However, up to 800,000 of the forms that the government sent contained the wrong information.
The good news is that only about 50,000 people among the 800,000 had field their taxes before the mistake was discovered. So what about those 50,000? Will they be penalized? There’s more good news. The Department of Treasury has announced that anyone who has already filed their taxes with the incorrect information will not have to file an amended return. Therefore, even those who would have ended up owing more if they had filed their tax return with the correct information will not have to worry about re-filing.
President’s Tax Plan Changes Back at Square One
Taxes, taxes, taxes! It was arguably the number one issue during the recent presidential election and President Trump made it very clear that he planned to make some major changes to our country’s tax code. With the republican-led House and Senate in place, it seemed like it would just be a matter of time…
Tax Policy Center Claims Trump Child Care Plan Favors the Rich
Although most of President Trump’s policies have greatly divided the country, one policy that everyone can agree upon is lowering the cost of childcare. However, what they don’t agree on is how to make that happen. So far, his proposals have been well received by the right and not so much by the left.…
Making the Most of Corporate Tax Reform
Although nothing major has happened yet, rest assured that corporate tax reform is on the way. The Trump administration has made big promises and at some point they are coming. So far, the president has proposed reducing the corporate tax rate from 35 percent to 15 percent, while republican leaders in Congress have proposed…
These Tax Breaks Are a Big Boost to the Wealthy
Even though the new presidential administration has already made several tax cut promises that would greatly benefit the wealthy, the fact is, high net worth individuals already benefit from several tax breaks that favor the rich. In fact, there are numerous ways that the wealthy can, and are already saving on their tax bill.…