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New Health Laws Yield New Taxs Forms- Part 1

by David Huff on January 23, 2015

As if tax forms were not already complicated, now you have to throw in the new healthcare laws.  On your 2014 tax form you will have to indicate if you had healthcare for the full year.  But that’s not all there is to do!

You will be receiving forms in the mail in January and you will have to calculate whether any subsidies you received through the health-insurance marketplace in 2014 were too high or too low in relation to your household income and family size. If you were uninsured for any part of the year you must determine whether you qualify for an exemption from the penalties you could incur.

Make sure you can document your coverage, if you had health coverage in 2014. Form 1095-B will be sent to you by your health insurer and it will indicate the names of covered individuals in your household. Form 1095-C is sent by large employers and will indicate whether your employer offered coverage and your share of the monthly premium. If you declined coverage because it was too expensive and bought insurance through the marketplace this form will help you determine if you were eligible for premium tax credits.  If your employer’s lowest cost plan was more than 9.5% of your 2014 income, you can claim premium tax credits.

NOTE:  The two forms are not mandatory for the 2014 tax year.  Some people who were covered will receive them and other will not. If you were fully covered and did not receive a form, you will need to check the box indicating your coverage.

Person Huff CPA Group will be happy to assist you in any way possible.  Contact us at 504-780-8299 or visit our website www.personhuffcpa.com.

What Do You Give the Man Who Has Everything?

November 24, 2014

Matthew Person, CPA David Huff, CPA, PFS, MS Todd Wilson, CPA Person Huff CPA Group 3200 Lake Villa DriveMetairie, LA 70002(504) 780-8299 Fax 1-800-799-1292www.personhuffcpa.com  New York Yankee shortstop and future Hall-of-Famer Derek Jeter has played his last Major League Baseball game. In his last game,he chopped a single to third in the third inning to drive […]

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People Who Live in Glass Houses

September 8, 2014

People Who Live in Glass Houses Takisha McGee works (at least for now) as a Section Manager for the IRS Office of Professional Responsibility, where their mission is to “interpret and apply the standards of practice for tax professionals in a fair and equitable manner.” Among her other duties, she travels around the country teaching […]

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Construction Accounting is Tough!

September 18, 2012

Businesses in the construction industry face challenges every day that most other type of companies do not. Construction contractors have complicated accounting rules when reporting long term contracts and spec homes. In addition to the complicated income tax reporting that is sometimes required there are many other factors effecting things day to day like subcontractors, […]

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Are You a Do-It-Yourself Accountant?

December 20, 2011

Hopefully, you had a chance to think about the information I posted last week. If you have are doing your own business bookkeeping and you don’t have an accounting degree, perhaps you realize that you’ve bitten off more than you can chew. Clients frequently tell us they thought they could figure out how to do their […]

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Does Your Business Cash Flow Have You in Shock?

December 6, 2011

Are you in âہ“shock” over your business’s cash flow? Are you wondering,âہ“What do I do with too much cash?” or âہ“How do I make MORE money?” Experienced professional accountants can help you overcome the shock! In a medical situation, treating for shock includes the lifesaving steps of providing food, rest and encouraging words.In business,shock treatment includes analyzing […]

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Help! My business isn’t breathing!

November 8, 2011

Sales are the oxygen companies need to survive.  How are your sales? What quantity of product or service needs to be sold monthly to remain viable? Have you budgeted for different sales results? Do you know your breakeven sales amount? At Person Huff CPA, we believe business vitality can be measured by examining 5 areas […]

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