THE UP COMING TAX SEASON IS PREDICTED TO BE

                              “THE WORST TAX SEASON IN 30 YEARS”

 

The new Affordable Care Act Forms and Reporting requirements for the 2014 Filing Season will be extremely complex.  Taxpayers will have to Claim the Credit on their Federal Tax Return. Receiving too much or too little in advance can affect your refund or balance due when you file your tax return.  If the premium tax credit computed on the return is more than the advance payments made on your behalf during the year, the difference will increase your refund or lower the amount of tax you owe. An inaccurate return will delay your tax refund.

 

  The ACA will affect you:

  

   Tax season will usher in new ACA Tax forms and publications required for the

 completion of the 2014 Tax Return.  Taxpayers should receive an additional Form        1095C regarding their health insurance. Most DIYs will find preparing their own tax return to be a challenge this year because of the new act.

 

For any tax year, if you receive advance credit payments in any amount or if you plan to claim the premium tax credit, you must file a federal income tax return for that year.  Filing electronically and through a knowledgeable tax professional is the easiest way to file a complete and accurate tax return. Remember an inaccurate return will delay your tax refund.

 

This is the largest tax code change since the 1986 Tax Reform, the Affordable Care Act.