In attempts to better educate tax payers, the IRS has recently released a new video series on the IRS YouTube channel, featuring Commissioner John Koskinen discussing Affordable Care Act provisions that will impact 2014 tax returns: the premium tax credit and the individual shared responsibility provisions.
In one of the videos, Koskinen details how the premium tax credit can make health care more affordable for taxpayers with moderate incomes through the Health Insurance Marketplace. He explains, “You can get advance payments of the premium tax credit paid directly to the insurance company to lower your monthly premium, or you can apply for the premium tax credit when you file your tax return for 2014.”
Regarding the individual shared responsibility provision, Koskinen focuses on coverage requirements and exemptions as well as the shared responsibility payment. He says, “For most people, filing their returns in the spring of 2015 is going to be fairly simple—with regard to this issue, and that is they’ll simply check a box indicating that they have qualifying insurance or they’ll indicate that they’re eligible for an exemption. Otherwise, they’ll calculate their shared responsibility payment and add it to their tax return.”
In addition to these videos, the IRS plans to release even more about the Affordable Care Act, all of which can be accessed through the IRS Health Care video playlist.
Small Business Webinars for Tax Professionals
In efforts to increase education among small business owners, including the tax professionals who file their taxes, the IRS is also releasing webinars designed to help them prepare for the upcoming tax season.
The newest webinar entitled Business Use of Your Home, can be viewed today at 2pm eastern time; it focuses on how to determine whether one qualifies for the home office deduction. Better Business through Better Records can be viewed on September 11th and 2014 Affordable Care Act Provisions for Individuals, Families and Small Businesses can be viewed on September 17th.
For more information, visit the official IRS website.
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–. “New YouTube Videos Provide Tips on Health Care, Tax Returns.” 8 September 2014 IRSgov.com
–. “Webinar Spotlights Home Office Deduction.” 8 September 2014 IRSgov.com