TIPS for the Month
If you paid a household worker $1,900 or more in 2014, you may have payroll tax obligations.
The IRS is again warning taxpayers not to fall for tax scams which proliferate during tax season.
The IRS is issuing 1.5 million special ID numbers to victims of tax identity theft.
The IRS may shut down for two days later this year due to budget cuts.
Employers with fewer than 25 employees with annual wages of less than $50,800 may qualify for a 2014 credit for health insurance premiums.
Most taxpayers will simply check a box on their 2014 tax return indicating they had health insurance for all of 2014.
No health insurance in 2014? You face a penalty of $95 per person or 1% of household income, whichever is larger.
The penalty for not having health insurance in 2015 increases to the larger of $325 per person or 2% of household income.
If your child's only 2014 income was wages of less than $6,200, no tax return needs be filed except to get a refund of withheld income tax.
Under the ACA, you must have health care coverage, qualify for an exemption, or pay a penalty.
Don't ignore notices from the IRS. Seek assistance early on to avoid possible penalty and interest charges. The IRS will not go away.
Section 529 college plans can now change investments twice a year rather than the previous one-time limit.
If you purchased coverage through the Health Insurance Marketplace, you'll receive a new Form 1095-A with info to file with your return.
Please give us a call to discuss this or any of our other topics with you, so we can address your specific requirements.
DiSabatino CPA
Michael DiSabatino
651 Via Alondra Suite 715
Camarillo, CA 93012
Phone: 805-389-7300
ww.sharpcpa.com
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