Monday, February 2, 2015

Important Tidbits For Your 2014 Taxes

Rumors of delays in getting your refund..
The 2014 tax season is under way.  The first day of electronic filing to the IRS was January 20, 2015 and for the most part things went off without a hitch.  While the rumor is that the IRS suffered a major budget cut and refunds would be substantially delayed, the direct deposit refunds seem to be arriving in the standard 7-14 days.

Noncustodial Parents...
Please remember some important points for this tax filing season.  If you are the noncustodial parent claiming a child this year, make sure you have a signed Release of Claim to Exemption, Form 8332.  The IRS does not care what the final court orders say regarding who is entitled to claim the child.  Protect yourself with the signed form for the file.  If you need a blank copy, has them, or you can contact the office and we will be happy to provide one.

More on Health Insurance...
Additionally, the open enrollment for health insurance is ending on February 15, 2015.  While the penalties for not having health insurance during 2014 was seemingly small compared to the cost of health insurance, the penalties increase substantially for 2015.  The health insurance companies will be sending you a form to show the time periods you had health insurance.  If you are not sure what time periods you had coverage, wait for this form in order to properly file your taxes.

The office is currently scheduling appointments for tax preparation.  Don't forget the deadline for Corporate Tax returns is March 16 and for personal returns, April 15.
Give us a call 719-638-8877  or visit us at 

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