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Affordable Care Act Complete Guide

What Should I Know About the Affordable Care Act?

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ATTENTION: RECENT CHANGES TO TAX LAW HAS AFFECTED THE ACA!

Everything you need to know about the Affordable Care Act (ACA)

There has been a lot of confusing when it comes to the Affordable Care Act (ACA) also known as Obama Care. I’m going to provide you with some essential information about the program and how it works.

As you know, beginning in 2014, if you were a U.S. citizen or legal resident alien then you and your dependents were required to have Minimum Essential Health Care Coverage (MEC), have a health coverage exemption, or make a Shared Responsibility Payment (penalty or ISRP) with your tax return under the Affordable Care Act. Read More

Guide to Social Security Benefits

Should I file a Tax Return If I Receive Social Security Benefits?

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Many people who receive Social Security benefits always wonder if their benefit is taxable and if they should file a tax return. To help answer this question, let’s first determine what Social Security benefits are.

Social Security benefits including the following below and may be taxable:

  • monthly retirement
  • survivor
  • disability benefits

Around tax season, you will receive Form SSA-1099, which will report the total benefits. Read More

Understanding the Tax Reform

Top 12 Things You Must Know About the New Tax Laws

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The changes to the new tax law may have you left with many unanswered questions. Below are the top 12 things you should know regarding the recent tax reform.

1 – We still have seven tax brackets for individuals, but the tax rates have changed.

You’ll notice that the rates for some of these brackets have been lowered compared to the 2017 brackets. Read More

How to claim a child as a dependent on taxes.

Best Rules for Claiming a Dependent on Your Tax Return

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Can I claim my child as a dependent?

There are 5 tests that must be met for a child to be considered your qualifying child.

  • Relationship
  • Age
  • Residency
  • Support
  • Joint Return

Read More

Claiming tips on tax return.

When and How to Claim Tips on Your Tax Return

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How to claim tips on your tax return

Did you know that all tips received are income and subject to federal income tax?

This includes tips:

  • Received directly
  • Charged tips paid by employer
  • Shared tips received under a tip splitting or tip pooling arrangement
  • The value of non-cash tips, such as tickets, passes, or other items

Read More

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