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Fyi

Fkatz

Veteran Expediter
Charter Member
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HI All!

Today is the last day if you filed for an Extension to complete your 2013 Income Tax Returns.
IF you are mailing them in, they must be postmarked by midnight tonight, October 15, 2014 in order for them to be considered "TIMELY FILED" by the IRS.
and also any tax owed must me paid today, unless a form 9465 Installment agreement was filled out.

Very important information regarding your Health Insurance

"IF YOU WERE NOT COVERED BY ANY HEALTH INSURANCE PLAN IN 2014
HERE IS WHAT YOU ARE GOING TO FACE WHEN YOU DECIDE TO DO YOUR TAX RETURN NEXT YEAR."


You will be charged $95.00 Penalty per adult, and $47.50 per Child depending on your income or 1% of your Adjusted Gross Income whichever is greater
This penalty will be added to you Federal Tax that will be owed, or it will reduce your Federal Refund that you would be receiving.
Also KNOWN AS "THE OBAMA AFFORDABLE CARE ACT"

So if you signed up for insurance through the Marketplace, or your Insurance Provider, you will receive Form 8963, REPORT OF HEALTH INSURANCE PROVIDER, this form will show what insurance premiums that you paid,
DO NOT FILE YOUR 2014 PRIOR TO RECEIVING THIS FORM. There might be a premium Credit on what you paid depending upon your income


If you do not have insurance, The enrollment period starts November 15, 2014 Through February 15,2015.

Here are some other tax information that will be available as a Deduction for 2014

The Per Diem Rate has not changed. it remains at $ 59.00 per Day
The Standard Mileage Rate for the balance of 2014 is $ .50 per mile

If you have any other questions, please do not hesitate to ask


Frank’s Tax andBusiness Service


Franklin Katz, ATP, PA, PB,
315 E. King St.

Kings Mountain, NC 28086
(704) 739-4039


Fax:(704) 739-3934
e-mail:
frankstaxservice@bellsouth.net
Web Site: Http://www.frankstaxbusiness.com


 
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