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Preparing for 2016

Now that this tax filing season is over it is time to start planning for 2016.
Make sure your withholdings will cover at least your last years tax liability.
Start putting money into your savings in case you want to make an IRA contribution and
make sure you are maxing out your 401K if your employer offers one.   Be sure to make your timely estimated tax payments in order to avoid any penalty.  Consult with a tax advisor to see if you need to increase or maybe even decrease your estimated tax payments.

Feel free to sign up for our membership so you can ask questions during the year.

HEALTH INSURANCE NEWS (ACA ACT)

Every US citizen must have health insurance starting 1/1/14 under the Affordable Care Act.
You can buy it privately or through Covered CA (coveredca.com). There are some exceptions to the mandate, but if you don’t qualify and you don’t have insurance you will be charged a penalty on your
tax return.

This year insurance companies and employers are filing form 1095-B and 1095-C with the IRS so that they can monitor and check that you had insurance coverage.  If you do not have coverage or even part year coverage, and you did not calculate the penalty on your return, it is very likely you will be notified by the IRS of additional tax/penalty due.  Be sure to let your tax preparer know about your insurance coverage and give them the 1095 forms with your tax documents when they are preparing your return.

Estimates Due

Next estimates due 4/15/15, 6/15/15, 9/15/15 and 1/15/16.

For state estimate you might want to pay it by Dec. 31, 2015 if you itemize
your deductions. Reminder, California estimates are not paid in equal installments.

Alimony VS Child Support

This is very important to be stated correctly in divorce agreement.
One is deductible and one is not.

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