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.
Is The U.S. Really a Low-Tax Country?
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Will Your Tax Return Draw the IRS’s Attention?
No one wants to experience a tax audit. The good news is that most people never will have to go through that experience. The IRS simply doesn’t have the time and resources to audit every tax return. In fact, the IRS only audits about 1 percent of all returns. That means most people don’t have…
Can a Roth Really Help You Lower Your Taxes?
Patience is a virtue, but will it save you money on taxes? That depends on the situation, but if you’re talking about a Roth IRA, then the answer is typically yes. Traditional IRAs will usually give you an immediate tax savings, while a Roth IRA won’t. However, for those who have patience, a Roth can…
What Are the Wealthy Really Worried About?
At GROCO we work very closely with some of the most highly successful people in the world and because of that we know what makes these types of individuals tick. We understand how they think and how they operate and we offer top notch business consulting to help them be successful. We also know what…