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Affordable Care Act Penalty Exemptions
Special hardship exemptions have to be applied for…. and when taxpayer receives an ECN (exemption certificate number) we can input that and the penalty goes away. Has to be applied for…. Here is the link. https://www.healthcare.gov/health-coverage-exemptions/hardship-exemptions/ If you have not done so, you should explore this…. some possible exemptions……. Required care of a loved one…
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2015 IRA ROLLOVER CHANGE
Something BIG has changed effective Jan 1, 2015. Old law… you could rollover each IRA once in a 12 month period. New law… Limited to one rollover per 12-month period, regardless of the number of IRA accounts. (US Tax Court in Bobrow v Commissioner). […]Read More… from 2015 IRA ROLLOVER CHANGE
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2014 Estimated Tax – Should I Pay It?
2014 Estimated Tax – Sould I Pay It? Depends on what type taxpayer you are. Are you Wanting to pay in the absolute minimum such that next April you may owe a bunch but with no penalty? Or, are you wanting to pay in during the year such come next April 15th you are about even?…
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2013 Long Term Capital Gain Rates
LONG TERM CAPITAL GAINS (LTCG) First, take all of your income including Capital Gains…. Now, assume that figure is all ordinary income… after your itemized deductions and personal exemptions…. This is your theoretical taxable income. What tax bracket is that? Theoretical Ordinary Tax Rate Long Term Capital Gain Rate 10% or 15% 0% 25%, 28%,…
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2014 Net Investment Income
NET INVESTMENT TAX There is a 3.8% additional tax for investment income (ordinary dividends, interest, annuities from non-qualified plans, royalties, net rental income & capital gains) when the modified adjusted gross income is over $250,000 for married filing joint ($200,000 if single or head of household, $125,000 if married filing separate). That is the bottom…