When it is time to use TurboTax For This Year to complete your taxes, you may want to consider a few Money Saving Tax Tips that can save you money in the coming year. Planning early in the year makes it easier to reach your financial goals by the end of the year. Since you are already running the numbers with Turbo Tax 2014, you have records that can show you where to make cuts for the next year.
One Money Saving Tax Tips is to Review Your W-4
Changes in withholding laws affect the money your employer must withhold from each paycheck. If you find you owe money at the end of the year using Turbotax 2014, you may want to increase the withholding. If you are getting a big refund each year, decrease the amount withheld to increase your monthly budget.
Winterize Your Home
Turbo Tax 2014 can help you to find special tax credits for this type of action. They reduce the cost of projects that provide long term savings to you as a homeowner.
Look at Your Cellular Plan
Many people are paying hundreds of dollars monthly for their cellphones. That two year contract that gives you the latest smart phone can be costly. Today, there are providers offering great plans with no contract. Some are as little as $25 per month and will allow you to bring your existing phone.
Turbo Tax 2014 offers some great Money Saving Tax Tips for ensuring you take qualifying deductions on your tax returns. In addition, the software makes tips that can help you to save even more for the following year.
Americans need to report their health insurance status on their 2013 tax returns, but many don’t realize this. In matter of fact, a survey revealed that 48% of Americans are not even aware that they have to report their health insurance status on their returns.
2015 is going to be the first year that Americans will need to prove that they have qualifying insurance. If they don’t have qualifying insurance, then they will be faced with a tax penalty. Many Americans also don’t realize that the deadline they need to meet in order to avoid the penalty has already passed. Health insurance that has been bought during the current enrollment period will apply to 2016 filed returns.
56 percent of those without insurance were not aware of the fact that those who are uninsured need to meet criteria before they qualify for an exemption from Obamacare taxes.
Almost half of Americans don’t know that there are credits that can help make health insurance more affordable to families with low-to-moderate income.
TurboTax 2014 software and TurboTax services can help Americans understand how the Affordable Care Act relates to their situation. TurboTax is the best online tax preparation service around, and they have developed TurboTaxHealth.com, which is designed for those seeking resources relating to the Affordable Care Act. It can help Americans determine if they qualify for a health insurance plan that doesn’t cost a lot of money, as well as help people figure out if they qualify for an exemption from the tax penalty.
There were other key findings in the survey, which included that 9 out of 10 Americans do have health insurance. Also, Americans who live in southern states are less likely to have coverage than those living in any other regions.
Almost 75% of Americans plan on renewing their health care plan, which they bought via the Health Insurance Marketplace last year, for next year. Also, those who purchased via the Marketplace during the first enrollment periods are likely to know about tax credits than those who are in other insured groups.
Those who are covered by the insurance plan their parents have, are less likely to know about tax penalties than those who are covered via their employer’s insurance.
The Methodology The surveys were done by Harris Poll, and it was on behalf of TurboTax. The surveys were also conducted online, and it was done between November 6-10 and 13-17, 2014. Everyone who participated in the survey were ages 18 or older. However, theoretical sampling error cannot be calculated because the surveys were not designed to be based on a probability sample.
A recent survey has shown that 48% of American taxpayers do not know that they are required to report their health insurance status when filing their returns for the previous year. As the tax filing season commences in the next couple of weeks, the Intuit TurboTax Health Survey, which involved 2,000 U.S. adults, showed that most Americans do not see the correlation between their taxes and health care.
2015 will be the first year under ObamaCare that taxpayers will be required to prove that they have a valid health insurance or pay a tax penalty. A commendable 62% of American taxpayers know that those who do not have a valid health insurance policy will be penalised, a whooping 87% do not know that the deadline for avoiding the tax penalty for 2014 taxes has already passed. Those who purchased health insurance during the current enrollment period, which ends in Feb 15, 2015, will file their status in April 2016.
On the other hand, 56% of American taxpayers were not aware that some taxpayers who do not have health insurance, but meet a certain criteria, can be exempted from Obamacare Taxes.
45% of American taxpayers are not familiar with premium tax credits that are meant to make it easier for low to medium income households to purchase health insurance.
According to the head of Obamacare for TurboTax, these numbers show that most Americans don’t know the relationship between taxes and health care. TurboTax 2014 is committed to educating taxpayers about their tax obligations and rights by providing them with free resources and easy to use tools.
TurboTax, being the industry leader in online tax preparation, is helping Americans to understand Obamacare by developing a free online resource at TurboTaxHealth.com. With this resource, consumers can find out if they qualify for a low-cost health insurance cover, the tax penalty they would pay if they failed to purchase a health cover and the tax credits they can claim if they have a valid health insurance plan.
Other key findings from the survey include:
Ninety percent of Americans have some sort of health insurance. In the Northeast, 94% of consumers are insured, compared to 85% in the South, 90% in the West and 93% in the Midwest. Nearly 74% of taxpayers who purchased a health cover through the Health Insurance Marketplace in the previous year plan to renew it before it expires in the coming year. Those who purchased health insurance during the first enrollment period are more likely to qualify for tax credits than other groups.