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How to Avoid Paying the Health Insurance Penalty on Your Tax

You can download this form from the IRS’s website. You need Adobe Acrobat to open the form. Then, you can fill it out online, print it, and mail it to … See more

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URL: https://taxcure.com/blog/how-to-avoid-paying-the-health-insurance-penalty

5 Ways to Reduce the Medicare Surtax on Investment Income

WebThere are actually two new Medicare taxes coming in 2013. The first is an extra 0.9% on income earned by high earners. (those making $200k or more filing single or married …

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IRS Hardship Requirements to Qualify for IRS Uncollectible Status

WebCNC Rule of Thumb for Qualifying. Usually, if your income is less than the IRS’s allowable expenses, the IRS will qualify you as Status 53 or uncollectible. Filing …

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SCOTUS: Patient Protection and Affordable Care Act a

WebWhen the Patient Protection and Affordable Care Act (PPACA) was passed in 2010, challenges to its constitutionality began wending their way through the courts almost …

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How Much Do You Have to Make to File Taxes

WebThe standard deduction adjusts annually with inflation, but for the tax year 2023, it is $13,850 for single filers, $20,800 for head-of-household filers, and $27,700 for married …

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What Happens If Your Business Does Not File Forms 1094/1095-C

WebPenalties for Not Filing Forms 1094/1095-C. The penalty for not filing information returns used to be $100 per return. But in recent years, the IRS has increased this penalty …

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Tax Cuts and Jobs Act and the Future of the Shared Responsibility …

WebThe Tax Cuts and Jobs Act passed in 2017 will have significant ramifications on all manners of tax filings going forward. However, one of the more substantial changes to tax laws …

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Tax Changes With the PPACA or ObamaCare

WebIf American taxpayers are looking for reasons to oppose President Obama’s health care bill, they don’t have to look very far. In fact, with the addition of over 20 new or increased …

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HSA Tax Benefits, IRS Rules & Contribution Limits for 2011

WebIt is important to note that there are some limits on HSA contributions. In 2011, the limit is $3,050 for an individual and $6,150 for families. In 2012, that limit will …

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Small Business Administration Wants 1099 Requirement Gone

WebThe Affordable Care Act was passed earlier this year to provide health care benefits to millions of Americans. Not everyone supports this Act. However, almost everyone can …

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Taxpayer's Guide to IRS Collection Financial Standards

WebFinancial Collection Standards of transportation costs include a national allowance for loan or lease payments and a regional allowance for monthly operating …

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Sample IRS Penalty Abatement Letter: Written Petition

Web2) 3 Year Clean Penalty History - [I/We] have not incurred tax penalties for the 3 prior years [note: you can have estimated tax penalty though, as it is allowed] 3) Compliant With …

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Overview of NJ Tax Payment Plan Options

Web3 to 60 Month Payment Plan. The State of New Jersey will accept tax payment plans from 3 to 60 months. Generally, NJ will allow payment plans for 36 months or less, without the …

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IRS Equitable Relief: Requirements for Qualification

WebIRS Equitable Relief: Requirements for Qualification (Section 6015f) IRS Equitable relief is the most general type of relief under the innocent spouse relief program. This program …

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Business Tax Problems, Filings, and Considerations

WebIRS Letter 2800C WHC Lock-In Letter to Employer. If the IRS believes that you are not withholding enough tax from your employee's paychecks (based on your employee's …

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State of Maryland Back Taxes Resolutions: Overview of Common

WebIf you have delinquent tax liabilities in the State of Maryland, some options can help you avoid collection actions and save you money. Short of making a lump sum payment to …

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Phillip Murphy, EA

WebAbout Phillip Murphy. Phillip has been an active tax professional, serving clients nationwide since 1997. As an Enrolled Agent he is uniquely qualified to represent taxpayers before …

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Notice 725-B Means an IRS Officer Wants to Meet With You

WebThey Send This Notice If They Want to Meet. If you receive letter 725-B, a revenue officer wants to meet with you in person. The IRS started sending out this notice in July 2023. …

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IRS Raises Collection Financial Standards 8% to 9% for 2022

WebEffective in April 2022, the IRS's financial standards have increased for every family size. The increase ranges from $62 per month for a single person, to $160 per month for a …

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