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2017 Tax Reform Act Fundamentals
by bmsolis on 

On December 22, 2017, the 2017 Tax Reform Act also referred to as Tax Cut and Jobs Act became law.  The new tax changes are effective for tax year 2018. 


Some of the highlights of this tax reform law are as follows:1) Individual tax brackets and thresholds changes:


2) Child tax credit increased to $2,0003) Medical expense threshold is back to 7.5% of AGI for all taxpayers4) Miscellaneous Itemized Deductions eliminated5) Itemized deductions limited to $10,000 for aggregate total of State income tax and property taxes, state and local income or sales tax.6) The standard deduction is increased depending on filing status
    •     $24,000 for Married filing jointly
    • $18,000 for Head of Household
    • $12,000 for Others
7) Personal exmption of $4,100 per person is eliminated
8) And others...  https://www.irs.gov/newsroom/resources-for-tax-law-changes



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2017 Tax Reform Act Fundamentals
by bmsolis on 

On December 22, 2017, the 2017 Tax Reform Act also referred to as Tax Cut and Jobs Act became law.  The new tax changes are effective for tax year 2018. 


Some of the highlights of this tax reform law are as follows:1) Individual tax brackets and thresholds changes:


2) Child tax credit increased to $2,0003) Medical expense threshold is back to 7.5% of AGI for all taxpayers4) Miscellaneous Itemized Deductions eliminated5) Itemized deductions limited to $10,000 for aggregate total of State income tax and property taxes, state and local income or sales tax.6) The standard deduction is increased depending on filing status
    •     $24,000 for Married filing jointly
    • $18,000 for Head of Household
    • $12,000 for Others
7) Personal exmption of $4,100 per person is eliminated
8) And others...  https://www.irs.gov/newsroom/resources-for-tax-law-changes



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How to know its really the IRS calling or knocking on your door
by bmsolis on 

https://www.irs.gov/newsroom/how-to-know-its-really-the-irs-calling-or-knocking-on-your-door


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IRS Extends Due Date for Employers and Providers to Issue Health Coverage Forms to Individuals in 2018
by bmsolis on 

https://www.irs.gov/newsroom/irs-extends-due-date-for-employers-and-providers-to-issue-health-coverage-forms-to-individuals-in-2018

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2018 Tax Filing Season Begins Jan. 29, Tax Returns Due April 17; Help Available for Taxpayers
by bmsolis on 

https://www.irs.gov/newsroom/2018-tax-filing-season-begins-jan-29-tax-returns-due-april-17-help-a


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2017 Tax Filing Season Begins Jan. 23 for Nation’s Taxpayers, Tax Returns Due April 18
by bennys on 

https://www.irs.gov/uac/2017-tax-filing-season-begins-jan-23-for-nations-taxpayers-with-tax-returns-due-april-18

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A Series of Yes-or-No Questions help you Determine Eligibility for the Premium Tax Credit
by bennys on 
From the IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.
Issue Number:    HCTT-2016-79Inside This Issue

A Series of Yes-or-No Questions help you Determine Eligibility for the Premium Tax Credit

The premium tax credit – also known simply as PTC –  is a credit for certain people who enroll, or whose family member enrolls, in a qualified health plan offered through a Health Insurance Marketplace. Answer the yes-or-no questions in the chart – or via accessible text – and follow the arrows to find out if you may be eligible for the premium tax credit.

The current open season with the Health Insurance Marketplace is underway and runs through Jan. 31, 2017. You must enroll by Dec. 15, 2016 to have coverage begin on January 1, 2017.

Here are links to information and resources referenced in the graphic:


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What to Know About Health Coverage Information Statements You May Receive in 2017
by bennys on 

From the IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.


Issue Number:    HCTT-2016-81

Inside This Issue

           What to Know About Health Coverage Information Statements You May Receive in 2017

Many individuals will receive ACA information statements from their employer or coverage provider by early March in 2017 about their 2016 health insurance coverage:

·         Form 1095-B, Health Coverage

·         Form 1095-C, Employer-Provided Health Insurance Offer and Coverage

Here is information about these forms:

1095-B

Sent to

Individuals who had health coverage for themselves or their family members that is not reported on Form 1095-A or Form 1095-C.

Sent by

Health Coverage Providers –

·         Insurance companies outside the Marketplace

·         Government agencies such as Medicare or CHIP

·         Employers who provide certain kinds of health coverage, which is sometimes referred to as “self-insured coverage,” but are not required to send Form 1095-C.

Other coverage providers

What to do with

This Form

This form provides information about your 2016 health coverage.

 

Use Form 1095-B for information on whether you and your family members had health coverage that satisfies theindividual shared responsibility provision.

 

·         If Form 1095-B shows coverage for you and everyone in your family for the entire year, check the full-year coverage box on your tax return.

·         If there are months when you or your family members did not have coverage, determine if you qualify for anexemption or must make an individual shared responsibility payment.

 

You don’t need to wait for your Form 1095- B to file your tax return. Do not attach Form 1095-B to your tax return - keep it with your tax records. Contact the issuer if you have questions about your Form 1095-B.

 

1095-C

Sent to

Certain employees of applicable large employers

Sent by

Applicable large employers – generally those with 50 or more full-time employees, including full-time equivalent employees

What to do with

This Form

Form 1095-C provides information about the health coverage offered by your employer in 2016 and, in some cases, about whether you enrolled in this coverage.

 

Use Form 1095-C to help determine your eligibility for thepremium tax credit.

 

·         If you enrolled in a health plan in the Marketplace, you may need the information in Part II of Form 1095-C to help determine your eligibility for the premium tax credit.

·          If you did not enroll in a health plan in the Marketplace, the information in Part II of your Form 1095-C is not relevant to you.

 

Use Form 1095-C for information on whether you or any family members enrolled in certain kinds of coverage offered by your employer – sometimes referred to as “self-insured coverage”.

·         If Form 1095-C shows coverage for you and everyone in your family for the entire year, check the full-year coverage box on your tax return.

·         If there are months when you or your family members did not have coverage, determine if you qualify for anexemption or must make an individual shared responsibility payment.

 

You don’t need to wait for your Form 1095- C to file your tax return. Do not attach Form 1095-C to your tax return - keep it with your tax records. Contact the issuer if you have questions about your Form 1095-B.

 

If you enrolled in coverage through the Marketplace, you will receive a FormForm 1095-A, Health Insurance Marketplace Statement. For more information about this form, see the Health Care Information Forms for Individualsquestions and answers on IRS.gov/aca.

 


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Affordable Care Act (ACA)
by bmsolis on 

Dear valued clients:


2014 is the first year that the tax implication of the Affordable Care Act (ACA), aka, Obama Care goes into effect.  By law, unless you are exempt from the insurance requirements, you must have had minimum essential health insurance coverage for the full year 2014.  Otherwise, you will have to pay a fee (your individual shared responsibility) that will be calculated in your 2014 Federal tax returns. 


If you cannot afford a health insurance, or, your employer doesn't have one that you can enroll in, you may be able to purchase insurance from the Federal marketplace or State marketplace if offered. You may qualify for the Premium Tax Credit (PTC) to help you afford coverage purchased through the marketplace which can be applied in advanced (APTC) to lower your premiums, or which can be claimed when you file your 2014 Federal tax returns.  Those who avail of health insurance through the marketplace will receive Form 1095-A.  Make sure to present this form to your tax preparer when you have your taxes done.  Visit www.healthcare.gov for more information about the Affordable Care Act (ACA).


REMINDER:  The deadline for open enrollment in the 2015 health plan is on February 15, 2015.

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WELCOME
by bmsolis on 

Welcome to the Ameritax Systems website, a work-in-progress endeavor to bring you some of the latest news and relevant information on tax-related matters!  


Feel free to explore and navigate our website and share with us any comment and/or feedback that may assist us in our effort to simplify and make this website more comprehensive and complete with information that matters to you most.  

Thank you for your time and come visit us often.

Sincerely,
Ameritax Systems

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