When you enroll in coverage through the Marketplace during Open Season, which runs through Jan. 31, 2016, you can choose to have monthly advance credit payments sent directly to your insurer. If you get the benefit of advance credit payments in any amount, or if you plan to claim the premium tax credit, you must file a federal income tax return and use Form 8962. Read more
The Affordable Care Act requires applicable large employers (ALEs) to file information reporting returns with the IRS and employees. ALEs are generally those employers with 50 or more full-time employees, including full-time equivalent employees in the preceding calendar year. Read more
New year, new job? If you’ve decided it’s time to move on from your current position and look for a new one, you may be able to deduct some of your job search costs. Here’s what you need to know:
1. Same Occupation. You can’t deduct expenses for a job search in a new occupation; your expenses must be for a job search in your current line of work.
2. Resume Costs. You can deduct the cost of preparing and mailing your resume. Read more
If you paid someone to care for a person in your household last year while you worked or looked for work, then you may be able to take the Child and Dependent Care Tax Credit and reduce the amount of tax owed.
Here are 12 facts you should know about this important tax credit:
1. Child, Dependent or Spouse. You may be able to claim the credit if you paid someone to care for your child, dependent or spouse last year. Read more
You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2015 earnings and withheld taxes no later than February 1, 2016 (if mailed, allow a few days for delivery).
If you do not receive your Form W-2, contact your employer to find out if and when the W-2 was mailed. If it was mailed, it may have been returned to your employer because of an incorrect address. After contacting your employer, allow a reasonable amount of time for your employer to resend or to issue the W-2. Read more