Changes coming this tax season
Posted: Jan 13, 2015 12:40 AM EST
For those wanting to get ahead on their taxes, you can begin filing them in the next week, but a major change could affect you.
Accountants are expecting longer lines because this is the first year people will be required to put health care information on their tax returns.
Whether you applied for health insurance through the health care exchange or not, you will see major changes.
According to Certified Public Accountant William Hanna, the first major difference is if you did not have health insurance in 2014, you will face a penalty.
“I know the filing season is going to be different for us, but if you bought insurance through the health care exchange, you need to be looking for Form 1095. That form is critical to filing your tax return. It can't be filed without it.”
This will be a learning year for both those who signed up for health insurance through the exchange and the accountants filing the taxes.
Accountants are expecting longer lines because this is the first year people will be required to put health care information on their tax returns.
Whether you applied for health insurance through the health care exchange or not, you will see major changes.
According to Certified Public Accountant William Hanna, the first major difference is if you did not have health insurance in 2014, you will face a penalty.
“I know the filing season is going to be different for us, but if you bought insurance through the health care exchange, you need to be looking for Form 1095. That form is critical to filing your tax return. It can't be filed without it.”
This will be a learning year for both those who signed up for health insurance through the exchange and the accountants filing the taxes.