User Rating: 1 / 5

The deadline for purchasing health insurance with a January 1 effective date is December 15.

The Affordable Care Act (ACA) requires most Americans to have some form of health insurance by 2016 or face a tax penalty. It also may provide you and your family with a generous subsidy to purchase health insurance. 

You can still purchase Health insurance after December 15, but it will have a later effective date and may incur a partial tax penalty.

Here are the key dates for the Health Insurance Marketplace:

• Open Enrollment Period Began:                             November 1, 2015
• Deadline for January 1, 2016 effective date:            December 15, 2015
• Deadline for February 1, 2016 effective date:           January 15, 2016
• Open Enrollment Period Ends:                               January 31, 2016

If you're among the millions of converts to do-it-yourself tax software, you might be ready for the next step: Online tax preparation.While it certainly can be worth the money to hire a professional to prepare your taxes, you may be able to avoid paying any money at all if your personal finances aren’t too terribly complicated.

The IRS allows taxpayers with annual incomes below $60,000 to prepare and e-file their returns for no charge through the FreeFile program. 1040.com.True to its name, 1040.com Simple Free presents a very simple public interface. There are very few bells and whistles associated with the software program.

This site is a one-stop shop for tax information. 1040.com lets you either file your taxes online or print out IRS forms. It also reminds you of important deadlines, and the Resource Center features a FAQ page and highlights the latest news from the IRS.

What Does 1040.com Simple Free Do?

The 1040.com Simple Basic is designed primarily for taxpayers eligible to file Form 1040 EZ. To be eligible for 1040.com Simple Free, taxpayers must be single or married filing jointly with no dependents and under age 65. Maximum annual income must be below $100,000 with income from a limited range of sources, including wages, tips, taxable scholarships or unemployment insurance. Itemizing is not allowed. 1040.com Simple Free allows taxpayers to complete and e-file one federal tax return for no charge.

What Are the Charges and Payment Options for 1040.com Simple Free?

The only paid option for 1040.com Simple Free is adding state income tax returns. Just as with 1040.com Deluxe Edition and 1040.com Simple Basic, 1040.com Simple Free customers can file an unlimited number of state income tax returns for $19.99

What Services and Packages Does 1040.com Simple Free Provide?

Like most online tax filing programs, the 1040.com Simple Free version allows taxpayers to follow a step by step procedure to complete and file a federal income tax return. 1040.com also provides interactive links to information about various tax issues. The program also features a function to check calculation errors. A PDF preview is also available before actual filing, and customers can receive responses to tax related questions via email.

Are collection agencies suddenly demanding payment for items you’ve never bought? Have you stopped getting your credit card and bank statements in the mail? Are stores refusing your checks, claiming you have a history of bouncing them, even though you don’t?

You may be a victim of identity theft.

Identity theft is one of the fastest growing crimes in the U.S., claiming more than 10 million victims a year. The FBI is working with its partners—private sector companies, regulatory agencies, and other law enforcement organizations—to curb identity fraud (see Monday’s story). But you can help us—and more importantly, help yourself—by taking some basic preventative steps.

Some “do’s” and “don’t’s”:

QuickBooks Online (QBO) is a web-based version of Intuit’s traditional QuickBooks desktop package.  Since it’s an online service, you, your bookkeeper or accountant can log in from any web-browser.  It’s a good fit for service-based businesses and has the advantage of offering options not yet available on the desktop software. For example, it includes the option of using the desktop software’s “class” tracking plus “location tracking” and reports that can be memorized, automatically run on a preset schedule and emailed to users.

Similar to the desktop package, QBO offers several editions, which range from $10 to $40 per month, depending on the features needed.  As QuickBooks ProAdvisors, Jennifer A. Harris CPA & Associates, Inc. is able to offer our customers these discounted rates, which are 20% less than list price!  Bear in mind, QBO won’t be a good fit for inventory-based businesses. Also, the pricing structure is per file per month, which can make it an expensive choice for owners of multiple businesses.

Here's 10 reasons why you should be using QuickBooks:

The IRS provides toll free numbers for individuals and businesses who have questions or need assistance with their tax return or refund. 

1-800-829-1954

Refund Hotline

This number is for 1040-type filers who need to check on their income tax refund.Information you will need in order to find out the date of your expected refund: 

• The primary SSN on your income tax return
• The whole dollar amount of your expected refund
• The filing status claimed on your income tax return

*Please note: In order to check the status of your income tax refund, your return must have been accepted by the IRS at least 5 days prior to calling this number. 

1-800-829-1040 

IRS help line for individuals

This number is for filers who need procedural or tax law information or help to file. 

The IRS began mailing out Letter 5591 to those taxpayers who received the Advanced Premium Tax Credit (APTC) and who should have received a 1095-A, but who have not filed either a tax return including Form 8962 or an extension. Click here to learn more about understanding Letter 5591.

In addition, the IRS has begun mailing out Letter 5596 to taxpayers who received advance payments of the Premium Tax Credit and filed an extension, but have not filed a return with Form 8962 to reconcile the Premium Tax Credit. Click here to learn more about understanding Letter 5596.

The Indiana Department of Revenue launched Tax Amnesty 2015, a limited-time opportunity for both individual and business taxpayers to pay past-due taxes free of penalty, interest and collection fees. The program runs through Nov. 16, 2015.

Existing tax liabilities for all tax types managed by the department, for periods ending prior to Jan. 1, 2013, are eligible to participate in Tax Amnesty 2015. More than 40 different tax types are eligible for participation.

User Rating: 5 / 5

WHAT IS THE FEDERAL TAX TREATMENT FOR SAME SEX COUPLES?

For Federal tax purposes, Rev. Rul. 2013-17 provides that the Internal Revenue Service (IRS) will recognize a marriage of same-sex individuals that was validly entered into in a state whose laws authorize the marriage of two individuals of the same sex. This applies even if the married couple is domiciled in a state that does not recognize the validity of same-sex marriages.

As a result, for tax year 2013 and going forward, same-sex spouses generally must file their federal income tax returns using a filing status of married filing jointly or married filing separately. For tax year 2012 and all prior years, same-sex spouses who file an original tax return on or after September 16, 2013, generally must file their returns using a filing status of married filing jointly or married filing separately. For tax year 2012, same-sex spouses who filed their tax return before September 16, 2013, may choose (but are not required) to amend their federal tax returns to file using a filing status of married filing jointly or married filing separately. For tax years 2011 and earlier, same-sex spouses who filed their tax returns timely may choose (but are not required) to amend their federal tax returns to file using a filing status of married filing jointly or married filing separately provided the period of limitations for amending the return has not expired.