2014 ORGANIZERS & TAX QUESTIONNAIRES – We mailed customized Organizers and Tax Questionnaires to our clients to help guide them in gathering the information we need to prepare the tax returns. These tools will help give us a better understanding to more accurately prepare the tax return and to discover tax saving opportunities. Because situation may have changed, additional Organizer pages are available to down load should they be needed (see applicable “Tax Organizer” page ).
OBAMACARE & 2014 TAX RETURNS – Beginning in 2014, the Affordable Care Act (“ACA”), also referred to as Obamacare, mandates health insurance coverage. Businesses with 50 or more employees are mandated to provide health insurance coverage to their employees, or pay penalties. Individuals that are not provided health insurance coverage by their employer are mandated to obtain insurance coverage on their own, or pay penalties. The focus of “this article” is related to the individual’s mandate, related penalties, possible exceptions, and how they are reported on your tax return.
TAX EXTENDERS LEGISLATION UPDATE – As discussed in more detail in this post, there were 55 tax related items (deductions, credits, etc.) that expired on December 31, 2013. Congress passed legislation to “extend” these tax provisions for one year, so these provisions are back in place for 2014 only.
2014 YEAR-END TAX STRATEGIES & PLANNING – We have provided some discussion on the more common strategies that may assist you with your year-end tax planning. Remember that you are unique and that not all your planning opportunities may be listed. Please let us know if we can develop a strategy that will best meet your specific situation.
See the “2014 Tax Planning & Strategies” section to review the tax strategy discussion.