Tehachapi's Online Community News & Entertainment Guide
Tehachapi's Online Community News & Entertainment Guide
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I don’t know anyone who likes a deadline, yet like it or not, one looms just a month away – March 31 is the last day of the Affordability Care Act (ObamaCare) open enrollment. It’s also the last day for those of you who aren’t currently covered by health insurance to avoid an IRS penalty, but those facts are negative Let’s take a look at the positive. If you currently have no health insurance, for the next month you’ll be able to get health insurance without concern for pre-existing conditions...
In our capacity as Certified Public Accountants and Enrolled Agents, our office has had the delightful opportunity to deal with the Internal Revenue Service and the California Franchise Tax Board regarding client notices from taxing authorities. When a taxpayer receives a letter that states something like, “We have determined that you owe us a bunch of money”, their tendency is to just get out the checkbook and pay the amount the taxing authorities say is due. After all, they are the gov...
Over the last few months, I’ve been concentrating on ObamaCare. Remember now, enroll by the March 31, 2014 deadline and avoid the IRS penalty. That said, it’s time to talk about another important protection, one not often discussed even between family and friends, and yet one that needs to be discussed often and with people who know about it - Life Insurance. If you were to die tomorrow, or suffer a devastating disability, would anyone you love suffer financially? If so, and if preventing this suffering is important to you, we can help. Com...
I have noticed confusion in the people I talk to regarding which tax credits are expiring in 2013, and which will continue into 2014 and later years, hence this article to help refresh your memory. First, let us review the difference between a tax deduction and a tax credit. A tax deduction reduces the amount of income that is subject to tax. The itemized deductions for mortgage interest, real estate taxes, contributions, etc are examples. If you earn $60,000 but have $15,000 in itemized deducti...
Using a Health Savings Account A health savings account, or HSA, is a tax advantaged savings account tied to a high deductible health insurance plan. An HSA is funded with pretax contributions up to certain annual limits set by the IRS. Any growth inside an HSA is tax deferred, and what you don’t spend in one year can carry over to subsequent years. Just as importantly, withdrawals made from your HSA for qualified medical expenses are tax free. Tax-qualified L TCI premiums are a qualified m...
