2014 Tax Tips and Affordable Care Act Impact
Are you taking advantage of the online do-it-yourself tax filing tools? The IRS has released some useful items to keep in mind this year, but many are still not aware of the roadblocks filers could potentially have due to the Affordable Care Act.
If individuals do not have health care benefits by March 31, 2014, they will receive a 1 percent, or $95 penalty, on their 2014 taxes. If U.S. citizans can prove they enrolled in health care after the deadline, they will receive a lesser penalty.
It is important for all filers to have their W-2 and 10-99 forms (as well as other necessary paperwork) prior to filling their tax returns. If residents do not have these forms, they can call their employer or the IRS office in Cheyenne to request them.
Jackson Hewitt Assistant Manager of the Laramie Kiosk, Judith Worster, says one common mistake people make is filing to soon: Judith Worster on Filing too early
The last day to file taxes is April 15.