Musings of a Burbank CPA: 10 Tax Facts about Exemptions and Dependents

Here are ten tips about tax exemptions and dependents that will help you determine what you can deduct.  There is also a little information about E-Filing and the ACA requirement that all family members have to have health coverage or an exemption; otherwise you have to make a Shared Responsibility Payment (the penalty that can range from $95.00 to over $10,000.00.)  See the details in this link to the IRS Tax Tip:

http://content.govdelivery.com/accounts/USIRS/bulletins/ebdf89?reqfrom=share

Just remember that if you are filing your own tax return there are many things to think about.  Turbo Tax can be great if you have health coverage and a W2, but be aware that DIY can have many pitfalls and if you don’t have the knowledge, you may need some help if your return is more complicated.

Dollar with pointer Tax Help and Planning   For financial,  accounting and tax musings,

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