Whatever is good, whatever brings you joy...
May it be yours during this magical Season
and throughout the coming year.
Have the best ever Holiday Season!
Once again, another year is almost behind us and income taxes are approaching. Recent legislation has produced the Tax Increase Prevention Act of 2014, which retroactively extended more than 50 expired individual and business tax provisions through 2014. Please see our 2014 year-end client letter for further information.
Affordable Care Act
Individual Mandate: Under the 2010 health care reform law, sometimes called Obamacare, beginning in 2014, there is an individual mandate requiring individuals and their dependents to have health insurance that is minimum essential coverage or pay a penalty unless they are exempt from the requirement. Many people already have qualifying coverage, which can be obtained through the individual market, an employer-provided plan or coverage, a government program such as Medicare or Medicaid, or an Exchange. For lower-income individuals who obtain health insurance in the individual market through an Exchange, a premium tax credit and cost-sharing reductions may be available to offset the costs.
Several new forms will be issued to taxpayers, primarily Form 1095-A, 1095-B, or 1095-C. These forms provide us with the necessary information to report your health insurance coverage, calculate any credit, and calculate any penalty that may apply. Because much of the reporting for 2014 will be voluntary for issuers, you may not receive Forms 1095-B or 1095-C, therefore we will need additional information. Please see the 2014 Health Insurance Information Worksheet.
We receive many questions throughout the year regarding noncash contributions and how to value items donated to charity. This donation value form is a great way to track and value those items.
Welcome and thank you for visiting our website!
We take great pleasure in welcoming you, and thank you for choosing Kramer & Associates CPAs, LLC as your partner in business. Helping you meet your objectives, turn challenges into opportunities, and achieve lasting business success is what Kramer & Associates CPAs, LLC is all about.
To meet this commitment, we learn about your business industry, monitor developments and trends that affect your business, and strive to be responsive to your needs through frequent communication and accessibility.