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
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 … Read 2015 Tax
Nearly 50% of Americans are not Aware of the Health Insurance Status Filing Requirement in Their 2014 Tax Returns
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 … Read 2015 Tax