Category Archives: General

You should be aware if you have been awarded money or damages through a court of law that the fund may be taxable. To figure how if any settlements or judgements are supposed to be included in your yearly income you need to determine what item the money is taking place of. The below items […]

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If you have earned interest during the tax year you are required to report it to the IRS. Even if the interest earned is not taxable you must file a 1099-INT with your taxes. You are not required to send copies of the 1099-INT’s that you receive as long as you report the income. What […]

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If you are a student the summer is a great time to earn a little extra cash and get a job. You have more free time being off from school and having a summer job can teach you about responsibility and give you some real world working experience. Having a summer job also means you […]

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As you know if you have a rental property you are required to report any earnings from tenants in your properties as income. Although if you have a property that you live in most of the year, but rent for short periods you may not have to report any income earned. You may even be […]

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If you are filing taxes in 2014 you should know how the Affordable Care Act will affect your taxes. You may notice your taxes impacted more this year depending on where you received health coverage from or if you had no health insurance at all. Most tax payers with health coverage receive that coverage from […]

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For the majority of people who pay taxes, April 15th is the last day you can file your return. If you are owed a refund from the IRS you will not incur a penalty for filing late. Though if you end up owing money at the end of the tax year and you do not […]

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The tax season is upon us and now is the perfect time for taxpayers to make sure they know the relationship between their health insurance coverage and the two tax forms that help figure out the amount of tax credit that is due to each person. Forms 8962 (Premium Tax Credit) and Form 1095-A (Health […]

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There is a chance that if you have children that they may be required to file a tax return, even if they are a dependent child. Generally, children will be held accountable for filing any returns as well as paying taxes that may be owed along with penalties and interest. The parents may also hold […]

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Every year you are required to pay taxes on any earnings from investment income. For example, if you have a savings account that accrues $2,000 in interest you will have to add that amount to your taxable income and will be required to pay taxes on it. There are certain investments which are tax free, […]

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If you purchased a health plan through the Health Insurance Marketplace you can expect to receive a Form 1095-A Health Insurance Marketplace Statement by January 31, 2015. Many have decided to take a premium tax credit in advance that helps subsidize their monthly health insurance premiums. The credit you receive will be reported on 1095-A, […]

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