The Affordable Care Act – Obamacare – Tax Penalty Explained.
Some further explanation on changes to the tax code encouraging everyone to obtain health insurance. While rates will go up for some for many they will be lower. Make sure to take advantage of open enrollment until Feb 15th to avoid being charged additional taxes on your tax return!
How we dislike red flags!
Its that time of year when in another few weeks you should begin to receive your tax documents. You can already start a folder with your charitable deductions, home and automobile property tax reports and other one time items such as buying and selling a house, savings bonds and such.
If you have receipts for work that have not been reimbursed it may be a good time to tally up all those applications and renewals, meals and entertainment and such. Whenever possible write who you are meeting with and the business purpose on the back of each receipt. The residential energy credit has not been renewed for 2014 tax year but you can still get a sales tax exemption on energy star windows and doors.
Keeping good income tax records will keep things timely and avoid the rush and increase your chances for success in 2015 tax planning. Any estimated payments for 2014 should still be made by January 15, 2015.
A new requirement by the IRS means that Taxpayer Identification Numbers (TINs) will have to be hand-entered for all Individual Taxpayer Identification Numbers (ITINs) that will report wages for 2012. If you are confused already, it gets worse. In addition, software packages are not to be used to auto-fill any TINs on W-2s for ITIN filers. The requirement goes on to stipulate the penalties for those companies that fail to comply and is indicative of why most businesses contract for professional tax preparation services in Stamford, CT.
Not only is it virtually impossible for payroll departments and business owners to keep up with the ever-changing tax code and the various requirements for the correct preparation of returns, but even when the requirement is known, it is not always easy to figure out what compliance would look like. That is why it is best, if you are a Stamford business owner, to consult with professionals whose sole job it is to provide accounting and tax preparation services to Stamford, CT businesses so that you can avoid incurring fines or being suspended from any e-filing services offered by the IRS.
When you are looking for tax preparation services in Stamford, CT, you can rely upon the experience and expertise of Strictly Accounting CPA. Located in the heart of Stamford, Strictly Accounting CPA can help you with your business and/or individual tax preparation, as well as provide you with whatever other accounting services you may desire. With a commitment to making sure that your accounting needs are met to your complete satisfaction, Strictly Accounting CPA is the group to turn to for reputable tax preparation services in Stamford, CT.
If you are looking for tax preparation services in Stamford, CT meeting the highest professional standards in the industry with an eye toward the use of friendly “technology,” Strictly Accounting CPA & Bill Pay USA is the professional accounting firm striving for complete customer satisfaction. Located in the center of Stamford, CT, Strictly Accounting CPA services clients throughout New York-New Jersey-CT, “Tri-State” Area, or anywhere in the USA! For time saving, money saving, sophisticated and dedicated tax and accounting services regardless of your location, contact Strictly Accounting CPA at (203) 322-4000 or dial toll-free (866) 322-9188. Personal attention and to strike up a new relationship, feel free to email dave@strictlyaccounting.com, or visit www.strictlyaccounting.com.
