Be Prepared for New Forms and More Questions this Tax Season!

Tax season has begun anew! ACA/ObamaCare’s Individual Mandate took effect Jan 2014. Be prepared to answer more questions from your tax preparer. Don’t worry, he (or she) isn’t just being nosey, these questions are part of tax preparer “due diligence”. In other words, if your tax preparer doesn’t ask these questions, he or she can get in trouble from the IRS. On the other hand, if you do receive a Form 1095(A, B or C), all of those questions may not be necessary because this form tells what health insurance you had during the year (or at least it’s supposed to!). The problem is, most people won’t get this form because not all business are required to issue it, yet. Along with this new requirement, be prepared to pay more accordingly.

This entry was posted in ACA, General Interest, Income taxes, Obamacare, Taxes, Website and tagged , . Bookmark the permalink.

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