Tuesday, January 26, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’ – TUESDAY EDITION
I got very little snow in my hometown in Northeast PA on Saturday. More than ever glad that I no longer live in New Jersey.
* Want to know “What’s New for Taxes for 2015”? Click on the blue title in quotes for a free compilation of the COLA and inflation adjustments for 2015.
* Are you wondering “Do I Need Form 1095-Cto File My Tax Return?” Jason Dinesen gives us the answer at DINESEN TAX TIMES –
“The short answer is: you do not need to have Form 1095-C in your possession before you file.”
The form 1095-C “is sent to employees, by employers who provide insurance coverage to employees”. Your Form W-2 may indicate that you are covered by an employer health plan.
There is also form 1095-B. “This form is sent by insurance companies to individuals covered under a private health insurance plan.”
You, or your tax preparer, does not need to have either of these forms “in hand” in order to prepare your 2015 tax return. Your preparer just needs to know if you were covered under an insurance plan for all, or part, of 2015. In my opinion, your word is good enough (at least it would be if you were my client). A tax preparer has no legal requirement to verify via independent documentation your coverage.
You do, however, need (highlight is Jason’s) “Form 1095-A: Health Insurance Marketplace Statement. This form is sent to people who get healthcare through a state exchange. If this applies to you, you MUST have this form before you can file your tax return.”
* Another reminder for tax pros – Be sure to check out TAXPRO BUZZ, THE TAX PROFESSIONAL, my tax reform petition, and please tell your co-workers and colleagues about them.
* Good advice from ABOUT.COM’s William Perez on how to “Communicate Effectively with Your Tax Preparer”.
* Not exactly a tax issue – but Dustin Pellegrini of EQUIFAX.COM wanted to know “Are Americans Saving Enough for Retirement?”
He discovered a disturbing statistic -
“21 million Americans workers aren’t saving for retirement.”
* Kay Bell tells us “the list of states warning taxpayers that they'll have to wait longer for their tax refunds is growing” in “Minnesota, Montana, North Dakota and South Carolina tax refunds slowed by fraud prevention measures” at DON’T MESS WITH TAXES.
* And Kay also tells us “Taxpayers want up-front pricing from paid tax preparers”. But read my comment to her post.
* Need to find a tax pro to prepare your 2015 returns? Go to FIND A TAX PROFESSIONAL.
Avoid the “fast food chains” – they ain’t cheap! And don’t rely on a “box” to correctly prepare your returns. No tax software package, online preparation service, or “app” is a substitute for a competent and qualified independent tax professional. Remember – garbage in-garbage out. And you can’t avoid interest and penalties by blaming your software when the IRS comes after you.
* Joe Kristan opens his Monday Tax Round-Up with good advice on “How to make your tax return cheaper”.
* Jim Blankenship explains “Everything YouNeed to Know About File & Suspend and the April 30 Deadline” at GETTING YOUR FINANCIAL DUCKS IN A ROW.
Jim tells us –“If you were born after April 30, 1950, file & suspend (under the old rules) is not for you”. This is all Greek to me – and I have no reason to doubt Jim.
THE FINAL WORD -
Part 1 –
I didn’t think anything could be more stupid than last year’s television ads for Henry and Richard with the bow-tied fool throwing money out of a plane. I was proven wrong when I saw this year’s nonsense.
Neither ads make any mention about competently preparing tax returns for a reasonable fee – because Henry and Richard does neither.
Part 2 -
American’s disgust with traditional “establishment” politicians is understandable. The idiots in Congress are so polarized and contentious that nothing gets done. True outsiders, especially those who are not “beholding” to anyone, do look good.
However the worst thing that Americans can do is turn to a self-important, self-absorbed, immature narcissist, who cares about nothing else other than feeding his undeservedly enormous ego, like Tronald Dump. The Dumpster as President is far worse than any other alternative.
It is truly disturbing that the Republican establishment, while not exacting embracing the fool, even considers accepting Trump as a legitimate candidate worth voting for.