Happy New Years!
Considering the ever changing society that we live in it is extremely gratifying to let you know we are heading into our 35th season. I want to welcome our new clients and to thank each person that has referred a potential client to us. And I cannot overlook all of our long time clients. We believe our service meets the needs of our clients and we continue to try to surpass your expectations.
We now have an enrolled agent aboard. An enrolled agent has the capacity to practice before the IRS. Our new employee is Ms. Amanda Bodkin of Orange Park, Florida. She is a motivated personable business professional who is diplomatic and tactful. She has a skill set that includes tax consultation, financial Planning, tax preparation, payroll and payroll taxes, bookkeeping, and tax representation. Amanda’s tax knowledge is superb. I truly believe that she will help us become more efficient and thorough. I know that you will have a pleasant experience once you have the opportunity to work with her. Amanda has a BBA in business Administration and an AAS in Healthcare management. She is also a quick books pro-advisor (both online and desktop versions).
Many of you have already worked with Mrs. Robin Gray. Robyn took over for Rose Trionfo. Rose was truly great at performing her scheduling duties and I am confident that after preforming those same duties I’m sure Robyn will be just as efficient. Rose will always have a special place in the hearts of all of us but especially mine. Robyn is meticulous and highly detail oriented. We communicate after business hours constantly making sure we are on the same page concerning your requests and scheduling.
LET’S TALK LAW
In 2014 the buzz phrase of the federal government is the Obama Care Act. The health reform change tops the list. It is possible (unless exempted) that individuals without insurance will owe a tax. Although President Obama’s administration delayed the requirement that employers with 50 or more full-time workers provide employees with affordable health coverage or pay a stiff fine, the 2014 starting date for the individual mandate was not deferred. People must have qualifying coverage for themselves and their dependents to avoid the tax. This includes, for example, health coverage provided by an employer that meet minimum federal requirements, coverage purchased through an exchange and federal coverage such as Medicare, Medicaid, Tricare and Veterans coverage. Individuals for whom coverage is too expensive are exempt from the tax.
Employees whose share of premiums exceed 8% of the household’s adjusted income won’t be hit. Ditto for people ineligible for employer coverage if the cost of a basic bronze-level plan in an exchange, less any tax credit for buying insurance, exceeds 8% of household adjusted gross income. Also exempt are filers without coverage for periods of less than three months. People who can show that a hardship forced them to go without coverage, including people whose insurance was cancelled and those who cannot buy an affordable policy are also exempt from the tax.
For those without insurance the tax will normally be the higher of two amounts. The basic penalty is $95.00 per person ($47.50 for each family member under the age of 18), with a ceiling of $285.00. The income based penalty is 1% of the excess of the taxpayer’s household adjusted gross income over the minimum level of adjusted gross income needed to trigger filing a return; $10,150.00 for singles and $20,300.00 for couples. The tax is lowered proportionally for any
AFFORDABLE CARE ACT PROVISIONS FOR
INDIVIDUALS AND FAMILIES
The Affordable Care Act, or health care law, contains health insurance coverage and financial assistance options for individuals and families. The IRS administers the tax provisions included in the law.
What do I need to know about the health care law?
The Individual Shared Responsibility Provision requires you and each member of your family to have qualifying health insurance (called minimum essential coverage), have an exemption, or make a shared responsibility payment when you file your federal income tax return. If you get your insurance through the Health Insurance Marketplace, you may be eligible for a Premium Tax Credit.
· If you are like most people, you probably already have qualifying health care coverage and don’t need to do anything more than continue your insurance.
· If you don’t have or maintain coverage you will have to get an exemption or make a payment with your federal income tax return.
· If you do not have coverage you may be able to get through the Health Insurance Marketplace. For more information about the marketplace, visit HealthCare.gov
· If you get coverage through the Health Insurance Marketplace you may be eligible for the Premium Tax Credit (PTC).
· The Premium Tax Credit can be paid in advance to your insurance company or to you when you file your federal income tax return.
· If you receive advance credit payments, you need to report changes in circumstances that will affect the credit to the Marketplace as they happen.
· If you don’t have coverage or qualify for an exemption you may have to make an Individual Shared Responsibility Payment when you file your income tax return.
· For 2014, generally, the payment amount is the greater of 1% of your household income above your filing threshold or $95.00 per adult ($47.50 per child) limited to a family maximum of $285.00.
· You will report your coverage, exemption or payment on your federal income tax return.
It’s time to get ready for tax season
This is our 35th year of tax preparation and financial counseling. My administrative assistants, Mrs. Shalom Morrell in Florida and Mrs. Robyn Gray in New Jersey, are eager to get started. Please review all the information included in this letter as I am certain in contains valuable and useful data.
Although, there are many other changes with the IRS I give you the ones I consider to be the most relevant. You can visit my website at email@example.com and click on newsletter for more details.
I have included my schedule for the tax season to assist you in making your appointment. Please have your documents available when I arrive. You can also add up your expenses by category and provide me with totals. Check your math twice! We are anxious to get started! Call early and let’s have a successful and expeditious season. See you soon!
DID YOU KNOW
· The form 8888 is no longer available, we will be using another service called quick collect for an additional $15.00 per return. If you want our processing fee taken from your federal return.
· We can file your State and Federal returns electronically
· We can accept all major credit cards for payment
· We can make appointments after hours if you are unable to make it to our office during regular business hours.
· We prefer that you make copies of your original documents that we use to prepare your returns before they are mailed to us.
· When a return is prepared in our office I will review approximately 80% of them even if I did not prepare the return myself.
· If we make an error we normally have 3 years from the due date of the return to correct the error.
· We are listed on Dunn & Bradstreet with the highest rating possible for a small business.
· We have a website that you can visit 24 hours a day and send us your tax questions. Visit www.stubbstaxservice.com
· I attend a National Tax Forum given by the IRS each year to interact with IRS managers, commissioners and tax payers advocate groups to ensure we have the most up to date knowledge of the inner workings of the IRS.
· We can form most corporations (LLC, S-Corp, C-Corp, General Corp Etc.) within 10 days including filing with each state.
· We are part of the Better Business Bureau with an A+ rating.
· Part of your Social Security may be taxable.
· Even if you file your return early the IRS will not accept them until January 20thp, 2015
· If you are a member of any union and your current mortgage rate is greater than 6.25% you may be able to re-finance and receive a more advantageous rate.