Dear Clients !
As we are preparing for the 2016 filing season, let us express our sincere appreciation for providing the opportunity to serve you and hope to continue our association for a long time to come. We extend our best wishes for a Happy Holiday Season and a New Year 2016 filled with Peace, Joy and Success! We hope that this New Year further strengthens the bond of mutual trust and respect that we have for one another!
Tax season seems to get more worrying each year with ever-changing demands and tight deadlines. We have always overcome these problems in the past and hope that our continuing efforts will make upcoming Tax season less stressful and more beneficial for you.
You may notice changes related to the health care law as you file your 2015 Income Tax Return. We would like to remind you that the law requires you and your dependents to have health care coverage, an exemption, or make a payment with your return. If you purchased coverage from the Health Insurance Marketplace, you may be eligible for the premium tax credit.
If you received health insurance coverage either through the insurance company, your employer, or Marketplace you will receive applicable form(s): Form 1095-A could be provided by Marketplace, Form 1095-B - by insurance companies and Form 1095-C - by applicable large employer to report information regarding health coverage. You should receive the form(s) by January 31, 2016. You must have at least this one form on you at the time of your Income Tax Return preparation in order to avoid shared responsibility penalty or to determine your eligibility for premium tax credit in Income Tax 2015. Most people who don't have qualifying health coverage must either pay a fee or qualify for an “exemption”. Health coverage exemptions are available for a variety of reasons: certain life events, health coverage or financial status, group membership, and more. Visit HealthCare.gov to check if you are eligible for exemption.
Once again, we will be able to file your Income Tax Return only after you have required health coverage-related Form(s) for you and your family members available.
Last- minute items to consider for tax filing:
- Schedule an appointment with us in advance in January by calling our office at 718.645.3074.
- Check if you have received all forms reported your income for 2015 and all forms for deductions.
- Do not open IRA account or make IRA contribution for 2015 before your tax appointment.
- Remember that one of the best gifts an accountant can ever receive is a year’s worth of receipts!
- To claim education credit you have to have Form 1098-T issued by education institute.
- Record donations. You must have a bank record or a written statement from the charity organization in order to deduct any donation of money, regardless of amount. If a donation is left at a charity’s unattended drop site, keep and bring to appointment a written record of the donation that includes this information, as well as the fair market value of the property at the time of the donation and the method used to determine that value. Additional rules apply for a contribution of $250 or more.
Don’t become a victim of hackers who pretend to be the IRS ! Ongoing phishing schemes and aggressive phone scammers are increasingly targeting you in an attempt to file for your IRS refund before you do so ! Learn more about these threats and learn how to steer clear and report them.
Our team joins in sending you and your family Holiday Greetings with warm wishes for the New Year!
Best regards, Tatiana Skovysh, E.A. and the team
of Accounting and Tax Services Office