It’s almost time for filing Boston area tax returns and the IRS would like you to be aware of some changes before you file your 2015 returns. First, due to the Emancipation Day federal holiday in Washington, DC the filing deadline will be Monday, April 18th this year. When you do get ready to file, consider this.
Filing Boston Area Tax Returns? Do This
Be aware of the new 1095 form. It requires you to report to the IRS where you obtained your health insurance. The Affordable Health Care Act, also known as Obamacare, introduced three new tax forms relevant to individuals, employers and health insurance providers. They are forms 1095-A, 1095-B and 1095-C. The penalty for not having health insurance has increased substantially this year – to $325 or 2% of your taxable income, whichever is greater. For individuals who bought insurance through the health care marketplace, the 1095 form will help to determine whether you are able to receive an additional premium tax credit or have to pay some back.
Here are a few suggestions to help make filing your Boston area tax returns a little easier this year.
1) Make sure you have all of the documentation needed: tax forms, W-2 forms, 1099 forms, deductions, etc.
2) You can download a free copy of the IRS guide that explains tax deductions and other information. There’s also information available on the irs.gov website for how you can get help if you need it.
3) Taxpayers making less than $62,000 yearly can file tax returns online – for free. Following these tips and others will help make Uncle Sam a little happier – and it may just make tax season a little less taxing for you.