When you are shopping for health insurance, make sure that your insurance qualifies under the Affordable Care Act (ACA) as minimum essential coverage. This tip from the IRS gives more details about what qualifies: http://content.govdelivery.com/accounts/USIRS/bulletins/f91102?reqfrom=share For more details on what constitutes minimum essential coverage, check with http://www.irs.gov/Affordable-Care-Act/Individuals-and-Families/ACA-Individual-Shared-Responsibility-Provision-Minimum-Essential-Coverage on the IRS website. Usually most health coverage sold through insurance companies qualifies as MEC, but make sure before you buy something. You wouldn’t want to pay for coverage and then have to pay the shared responsibility payment on top of that. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Burbank CPA Tax Musings: IRS Notice makes IHSS Payments Non Taxable
The IRS has now declared in Notice 2014-7 that In-Home Supportive Service (IHSS) payments are now not subject to income tax under Section 131. See this explanation by the IRS on their website: http://www.irs.gov/Individuals/Certain-Medicaid-Waiver-Payments-May-Be-Excludable-From-Income Check with your state to see if the IHSS payments are non taxable there, too (In California they are tax free). The ruling was in January 2014, but the IRS says it will affect any open tax years, so those previous years can be amended to get refunds on this change. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: If You Have a Corporation, Today is Filing Day!
Ok, today is the day: if you have a calendar year C Corporation or an S Corporation, your tax return is due on March 16. Now you don’t have to freak out if you (or your tax preparer) hasn’t gotten things together yet. You can file a six month extension to file until September 15. Just remember if you owe any corporation taxes, there is no extension to pay these. Pay all taxes due as soon as you can to avoid penalties and interest. For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com Android and the IPhone: Has been Featured On https://twitter.com/bstonercpa