IRS Sheds Some Light on the Premium Tax Credit Enacted as Part of PPACA

[Editor’s Note] I started my career as a CPA specializing in taxes back in 1987, and right off the bat had to deal with the massive Tax Reform Act of 1986. Since that complicated set of tax rules was implemented more than 25 years ago, all I’ve seen is more and more complex tax rules enacted at an increasingly quick rate. Whether you’re a taxpayer or a tax advisor, there is barely even enough time to digest one set of rules before the next set is forced upon us. To make things more challenging, none of the old rules ever seem to be taken away as these new rules are enacted.

Well, the Affordable Care Act gives us all a bunch of new rules affecting our taxes, including a new Health Insurance Premium Tax Credit. Check out these Questions and Answers on the Premium Tax Credit provided by our friends at the IRS.

Now’s the time for Mid-Year Projections

Now’s the time to get a Mid-Year Tax Projection to see how you’ll do on April 15 next year.

If you have self-employment income, made a job change during the year, have multiple sources of income, or just want to see where you stand tax-wise, our Mid-Year Tax Projection Service will help!

We’ll calculate a mid-year projection and give you advice on what you can do for the rest of 2013 to reduce your tax burden on April 15 (a nominal fee is charged for this service).

You can download our Tax Projection Worksheet for 2013, complete it, and give us a call at 781.938.0045 to schedule a meeting.



Free Webinar Link: Get Your Deductions

Check out Andrew Schwartz’s webinar “Get Your Deductions: Moonlighting and Deducting Professional Expenses Made Easy”

Are you unsure what expenses you can deduct from your moonlighting income? Not sure what to track all year for professional expenses?

Do you want to make sure you receive the maximum deduction allowed for work-related expenses?

If so, this webinar is for you!

Learn what the most common expenses allowable for healthcare professionals are and how to track them to make tax time easy!