Will the ObamaCare Penalty Affect My 2014 Tax Return? Part III

by | Jan 13, 2015 | Current Affairs, Income Taxes, ObamaCare, Personal financial planning

Health Insurance Tax Penalties: How will they be determined and paid? The first penalties will be reported on your 2014 tax return that will be filed in 2015.  The penalty will be determined by calculating the greater of either a flat dollar amount or a set...

Will the ObamaCare Penalty Affect My 2014 Tax Return? Part II

by | Jan 12, 2015 | Income Taxes, ObamaCare, Personal financial planning

What qualifies as Minimum Essential Coverage?   In order to avoid the tax penalty, each person in your family must have "minimum essential coverage”.  A person will be considered to have minimum essential coverage for any month they are legally...

Will the ObamaCare Penalty Affect My 2014 Tax Return? Part I

by | Jan 9, 2015 | Current Affairs, Income Taxes, ObamaCare, Personal financial planning

I have received tons of questions from clients, friends, and families about how much the ObamaCare penalties are.  I am seeing an amount of confusion and worry unsurpassed by any other tax law change in my memory.  So let’s start with the basics. The...

Client Question: Can Those Companies That Advertise on Cable TV Really Eliminate My Tax Problems?

by | May 23, 2012 | Client Question of the Week, Current Affairs, Income Taxes, Personal financial planning

Every year I hear this question many times from taxpayers who are behind on their taxes. It’s understandable; the IRS has scared them, and they are looking for a quick and easy way out. The problem is that many of these tax problem resolution companies have been found...

Client Question of the Week: What Should I Do If I Can’t Pay My Taxes by the Due Date?

by | Oct 24, 2011 | Income Taxes, Personal financial planning

Answer: Most importantly – File your return on time! The penalty for not filing is 5 percent of the tax due per month, up to 25 percent. The penalty and interest for not paying on time is around 1 percent of the tax due per month. If you think you will have the...

Tax Tip of the Week: Is money I received from an inheritance taxable? Will I Owe Tax if I sell my parent’s house that I inherited?

by | Jul 29, 2011 | Books, Cash Flow, Current Affairs, Income Taxes, Personal financial planning, Tax Tip of The Week

These are common question from my clients. Like most things in tax law the answer is not simple. First, property received from an inheritance is not taxable. This includes cash, property, stocks & bonds, below-market sales, debts that are forgiven and partial...