I have heard this same question many times in the last week: "Should I be receiving a 1095?". First off what is a 1095? The 1095 is a form you should receive from your insurance provider that will show what months you were covered by insurance. If you used the market place the form will also tell what subsidies you were allowed and what you paid. Those that used the market place in 2014 have already seen these forms since it was mandatory for the market place in 2014. However, an individual … [Read more...]
Extended Tax Deadline
The extended tax deadline for individuals is quickly approaching. The deadline is October 15. I thought this would be a good time to remind you (if you have not filed yet) items that you will need in order to have your tax return prepared. I typically run into clients missing the easy items at this point. Some of my clients get so involved in working to get their business or rental information together that they forget to include all or part of the tax forms they were sent in January. These … [Read more...]
Standard or Itemized Deductions?
Are you trying to determine if you should use the standard or itemized deductions? I've been asked by several people "At what point do I start itemizing my deductions?" In some cases people believe it has to do with marriage or age that determines which option you should use. In actuality the determination is by how much it will save you on taxes. Typically an individual or married couple only itemize if they own their personal residence and have a mortgage against it; however, there are a … [Read more...]
Are your moving expenses deductible? If so, what is deductible?
Recently the question "Are my moving expenses deductible?" was asked of me and since the summer and fall is when the majority of relocations occur, I wanted to share when you are allowed to deduct expenses and what can be deducted. If the following applies, then you will want to track your moving expenses in order to allow your tax preparer to deduct those expenses on your return. The move is related to either a new job or a change in your current job. The new job location is at least … [Read more...]
