Infographic: Where Your Tax Money Will Be Spent In 2016 - Len Penzo dot Com
Wednesday, December 30, 2015
Monday, December 28, 2015
Wednesday, December 23, 2015
Saturday, December 19, 2015
Wednesday, December 16, 2015
Friday, December 11, 2015
Wednesday, December 9, 2015
Wednesday, December 2, 2015
Tuesday, December 1, 2015
Monday, November 30, 2015
Friday, November 27, 2015
Friday, November 20, 2015
Wednesday, November 11, 2015
Wednesday, November 4, 2015
Monday, November 2, 2015
Friday, October 30, 2015
Wednesday, October 28, 2015
Tuesday, October 27, 2015
Monday, October 26, 2015
Friday, October 23, 2015
Thursday, October 22, 2015
What Tax Deductions Are Still Available to Me?
 What Tax Deductions Are Still Available to Me?
Tax reform measures are enacted frequently by Congress, which makes it hard for U.S. taxpayers to know which deductions are currently available to help lower their tax liability. In fact, a former head of the IRS once said that millions of taxpayers overpay their taxes every year because they overlook one of the many key tax deductions that are available to them.1
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Wednesday, October 21, 2015
Tuesday, October 20, 2015
Beware of the Obamacare Shared Responsibility Payment
"You have an unpaid shared responsibility payment for 2014.
Amount due: $2,344.00"
The above notice from the IRS was received by this family for their shared responsibility payment for 2014, which was 1% of their income. A $2,344 penalty for not having insurance coverage in 2014 is bad enough, but the sobering reality is that if this couple remains uninsured in 2015 the penalty will increase to 2% of their income, and if they stay uninsured in 2016 the penalty will increase to 2.5% of their income.
How is the actual shared responsibility payment computed?
True, it's your choice whether or not to have health care coverage. Instead of being surprised at tax preparation time, it's important that the decisions we make about health care coverage ahead of time are made with the full understanding that the shared responsibility payment could be considerable, and will increase each year.
Amount due: $2,344.00"
The above notice from the IRS was received by this family for their shared responsibility payment for 2014, which was 1% of their income. A $2,344 penalty for not having insurance coverage in 2014 is bad enough, but the sobering reality is that if this couple remains uninsured in 2015 the penalty will increase to 2% of their income, and if they stay uninsured in 2016 the penalty will increase to 2.5% of their income.
How is the actual shared responsibility payment computed?
True, it's your choice whether or not to have health care coverage. Instead of being surprised at tax preparation time, it's important that the decisions we make about health care coverage ahead of time are made with the full understanding that the shared responsibility payment could be considerable, and will increase each year.
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