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.
Why Are the Wealthy Paying Fewer Estate Taxes?
Why Are the Wealthy Paying Fewer Estate Taxes? The estate tax was a hot topic throughout the election process and now that we have a new president-elect it’s sure to get an even closer look when White House leadership changes hands early next year. Or course, both candidates had different views regarding this tax,…
Want to Avoid Taxes in Retirement – Try This
There’s been no shortage of thoughts and opinions regarding Donald Trump’s tax returns since the election process began, especially since his leaked return hit the mainstream media a few weeks ago. One could argue at length regarding those numbers and whether or not they paint a positive picture of Trump and his finances. However,…
How Would Proposed Tax Plans Affect the Country’s Economy?
We’re just days away from the election and it’s likely that most Americans will just be happy that it’s finally over, no matter whom or what they voted for. However, there are some very important things at stake in this election, including how each candidate’s tax proposals would affect our nation’s economy, as well…
How Much Are Fortune 500 Companies Saving in Taxes?
It’s a well-known fact that many of the richest companies in America have become so financially successful thanks in large part to the tax-savings methods they employ, not the least of which is keeping large amounts of income overseas. These American companies have no problem doing business stateside, but because the U.S. has some…