by Jim Magary | Mar 12, 2015 | Tax Help
Estimated Tax Penalty Relief to Farmers and Fishermen Receiving Corrected Premium Tax Credit Forms
Farmers and fishermen who miss this year’s March 2 tax deadline because they are receiving corrected premium tax credit forms (Form 1095-A) from the Health Insurance Marketplace will have until April 15, 2015, to file their 2014 returns and pay any tax due, the Internal Revenue Service.
The IRS is providing this relief because a number of taxpayers have been informed that they will be receiving corrected Forms 1095-A from the Health Insurance Marketplace.
Taxpayers need this form to file a complete and accurate return.
As a result, the IRS is waiving the penalty for failing to make 2014 estimated tax payments for any farmer or fisherman who, due to this delay, files their return and pays any tax due by Wednesday, April 15.
additional guidance on this issue will be forthcoming.
Normally, farmers and fishermen who choose not to make quarterly estimated tax payments are not subject to a penalty if they file their returns and pay the full amount of tax due by March 1.
This year, the due date was pushed back to Monday, March 2, because the normal deadline falls on a Sunday.
A taxpayer qualifies as a farmer or fisherman for tax year 2014 if at least two-thirds of the taxpayer’s total gross income was from farming or fishing in either 2013 or 2014.
Farmers and fishermen requesting this penalty waiver must attach Form 2210-F to their tax return.
The form can be submitted electronically or on paper. The taxpayer’s name and identifying number should be entered at the top of the form, the waiver box (Part I, Box A) should be checked, and the rest of the form should be left blank.
General information for tax filers about the 1095-A error and how individuals can learn if their form is affected is available on the CMS website here.
Treasury provided additional information for tax filers who have already filed using an incorrect form, which is available here.
by Jim Magary | Mar 12, 2015 | Tax Help
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by Jim Magary | Mar 12, 2015 | Tax Help
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by Jim Magary | Mar 12, 2015 | Tax Help
Reduce Your Taxes with the Child and Dependent Care Tax Credit
The Child and Dependent Care Tax Credit can reduce the taxes you pay.
If you paid someone to care for a person in your household last year while you worked or looked for work:
1. Child, Dependent or Spouse.
You may be able to claim the credit if you paid someone to care for your child, dependent or spouse last year.
2. Work-Related Expense.
The care must have been necessary so you could work or look for work. If you are married, the care also must have been necessary so your spouse could work or look for work. This rule does not apply if your spouse was disabled or a full-time student.
3. Qualifying Person.
The care must have been for “qualifying persons.” A qualifying person can be your child under age 13. A qualifying person can also be your spouse or dependent who lived with you for more than half the year and is physically or mentally incapable of self-care.
4. Earned Income.
You must have earned income for the year, such as wages from a job. If you are married and file a joint tax return, your spouse must also have earned income. Special rules apply to a spouse who is a student or disabled.
5. Credit Percentage / Expense Limits.
The credit is worth between 20 and 35 percent of your allowable expenses. The percentage depends on the amount of your income. Your allowable expenses are limited to $3,000 if you paid for the care of one qualifying person. The limit is $6,000 if you paid for the care of two or more.
6. Dependent Care Benefits.
If your employer gives you dependent care benefits, special rules apply. For more on these rules see Form 2441, Child and Dependent Care Expenses.
7. Qualifying Person’s SSN.
You must include the Social Security Number of each qualifying person to claim the credit.
8. Care Provider Information.
You must include the name, address and taxpayer identification number of your care provider on your tax return.
9. Form 2441.
You file Form 2441 with your tax return to claim the credit.
by Jim Magary | Mar 12, 2015 | Tax Help
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by Jim Magary | Mar 12, 2015 | Tax Help
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