Posts by Sebastian


Businesses should know that due dates for some forms and returns were moved up in 2017. According to a prominent Cincinnati tax preparation service, businesses could face penalties if they engage the services of an individual independent contractor (as opposed to a business entity) and pay them $600 or more during the calendar year and do not file the required 1099-MISC on time. Starting in 2017, 1099-MISC must be filed by January 31,...

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If you were not covered by insurance during 2014, you could be one of the estimated 6 million people filing taxes who will owe a penalty for not having health insurance. If you were covered by someone else’s insurance or by Medicare, then that is not considered uninsured. You didn’t have to actually be paying premiums to count as coverage, you simply had to be covered by health insurance somehow. Many people had to use the...

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In President Obama’s State of the Union address on Tuesday January 20, 2015, he proposed ending the tax break associated with 529 plans. These plans are not tax deductible, but the interest income gained in them is not taxed. President Obama wants to raise the American Opportunity tax credit, and have the cost offset by ending the tax benefits for 529 plans. More affluent people tend to invest in 529 plans, and the American...

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1040 changes in 2014

1040 changes in 2014


Posted By on Jan 24, 2015

The IRS recently announced final tax forms and instructions for tax year 2014, including Form 1040 and related forms. Highlights include key health coverage changes that went into effect in 2014, such as the premium assistance credit and other changes. SCHEDULE A, ITEMIZED DEDUCTIONS Medical and dental expenses – the standard mileage rate for medically-related use of an auto is 23.5¢ per mile. Unreimbursed employee expenses...

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The IRS is said to have sent thousands of notices to tax preparers warning them of potential errors the IRS found on tax returns they filed of business owners. Specifically the IRS identified the Schedule C form, which is used to report business income and losses for a sole proprietor. The IRS reminded these preparers that they must take specific steps to review and assess the accuracy of the tax returns they prepare for clients. The...

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