Important! Ending Year 2014…

17 Sep

As we near the end of the year, I wanted to take this time to give you some insight as to what type of documentation I will need for the coming filing season.

1)  New Health Insurance info required:

Beginning in 2014, individuals are required to have minimum essential health insurance for at least one day in a month, qualify for an exemption, or make a “shared responsibility payment” (this is the penalty) when filing your federal tax return. The coverage must cover themselves and their dependents for each month during the tax year.  An individual has minimum essential health coverage for a month if the individual is enrolled in, and is entitled to receive benefits from, a qualified plan for at least on day in the month.

You need to bring the following to your appointment:

  •   Health insurer for the year
  •   Number of months covered
  •   Country of residence for the entire year
  •   A signed health insurance form for your records.
  •   Copies of any New Forms 1095-A, 1095-B and 1095-C you may receive



Provisions such as the energy credit, IRA rollover to charity, Teacher supply deduction, Bonus depreciation and plug in vehicles are items that expire at year end. We are unsure if Congress will extend them and, if they do, it won’t be until 2015 and made retroactive (sound familiar).  You should make these purchases before year-end to ensure the validity of your deduction.