Obamacare Paperwork for the 2015 Tax Season

By now, everyone should know there are new tax forms relating to your health insurance, and that you need these new forms in order to do your 2015 income taxes.  You also need these forms in order to avoid (what is essentially) a fine for not having minimum essential health insurance!

The Forms are 1095 A, B, and C.

Because it isn’t what you think it is…

Individuals!

In Washington DC, there is a holiday called Emancipation Day.  This year, it falls on Friday, April 15.  Due to this, the basic federal income tax deadline has been changed to Monday, April 18.  Most states will follow suit, just because it is easier to have the same deadline. This is a one-time change.

Businesses!

Beginning next year, for the 2016 federal income tax filings happening in 2017, the due dates for some forms will change.  This is a permanent change!  Here’s the list:

Okay, business owners, here we go! Your favorite task of the year:  1099s!

What is the dollar limit?

If total payment for the year is $600 or more, issue a 1099.

If total payment for the year is under $600, ignore the 1099.

Who might get a 1099?

Anyone who provided a service for you in 2012.

Here is a list of common services.  The list is not complete. Contact me if you are unsure.

An alternative to New Year Resolutions

It’s that time again!  Many of us are tempted to make a pile of well-intentioned resolutions.  But I beg of you:  please!  Stop!  Don’t do it!

Consider this:  Has it worked in the past?  Or are your resolutions gone and forgotten within anywhere from 10 days to 6 weeks as so many studies tell us?  Remember Einstein’s famous definition of insanity:  Doing the same thing over and over, but expecting a different result.

Instead, I recommend a simple 2-step exercise.  You can spend 5 minutes on it, or 20, or call me and ask me to walk you through it.  You don’t need to write anything down, but I always think that helps.