Obtaining and Claiming a Health Coverage Exemption The Affordable Care Act requires you and each member of your family to have minimum essential coverage, qualify for an insurance coverage exemption, or make an individual shared responsibility payment when you file your federal income tax return. If you meet certain criteria, you may be exempt [...]
How to Get a Copy of Your Prior Year Tax Information There are many reasons you may need a copy of your tax return information from a prior year. You may need it when applying for a student loan, home mortgage or for a VISA. If you don’t have your copy, the IRS can [...]
There is a new publication that will help you learn about how the Affordable Care Act affects your taxes. IRS Publication 5187, Health Care Law: What’s New for Individuals and Families is now available on IRS.gov/aca. While the health care law has several parts, this publication breaks down what’s new for the 2014 federal [...]
The open enrollment period to purchase health insurance coverage for 2015 through the Health Insurance Marketplace runs from Nov.15, 2014, through Feb. 15, 2015. The Marketplace is where you can find health insurance coverage options and enroll in the coverage that fits your budget and meets your needs. Visit your Marketplace to find information [...]
So you overpaid your federal income taxes, life got busy, and you forgot to file a return to claim your refund. You'll get around to it — but will you get around to it in time to get your money back? The time limit for claiming your refund is called the statute of limitations. [...]
Does your employer provide you with group term life insurance? If so, and if your salary is higher than $50,000, this employee “benefit” may be creating undesirable income tax consequences for you. Here's why. The first $50,000 of group term life insurance coverage that your employer provides is excluded from taxable income and doesn't [...]
Beginning October 1st, employers are required to provide written notices to all employees - regardless of benefit enrollment status or full / part-time status - about health coverage options. This includes notifications about federal and state health insurance marketplaces. These government-run marketplaces will be open this fall. Employers can send the notices by mail [...]
Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 cents per mile for business miles driven. 24 cents per mile driven for medical or moving purposes. 14 cents per mile driven in service of charitable organizations.
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Since 1993, Fox Peterson has fostered entrepreneurial spirit by providing a wide range of accounting, consulting and tax services to small businesses throughout Arizona and the United States.
