The Affordable Care Act, or Obamacare as it is sometimes called, aims to make it easier for people to buy health insurance by offering tax subsidies to bring down the cost of insurance. Under the ACA, people who do not purchase a qualifying health plan will be fined. The fines can vary each year and in 2014, you will pay a percentage of income or $95 if you did not purchase an insurance plan. Because of the changes to the tax laws that occurred under the ACA, it is important to understand exactly what your tax obligations will be when you pay your taxes this year. You may wish to find out now what you can expect regarding your obligations under Obamacare, as you may need to adjust your withholdings or adjust the amount you pay in quarterly estimated taxes. An experienced tax professional can provide you with more information on the income that the Affordable Care Act is going to have on your tax filing this year. Get the information you need from the tax professionals at Brennan & Co CPA, Like us on FaceBook!
If you are self-employed or you earn other income that does not come from wages at a job, you likely know that you are required to file estimated quarterly taxes four times per year. If you do not file the estimated taxes by the deadlines, then you could be assessed additional fines and fees for not paying as required. The next estimated tax payment is coming up in September and if you have not yet sent in your payment, it is time to get started. You should consider contacting an experienced tax professional in order to calculate the amount that you will owe and to get help sending in the payment. Hiring a tax professional to help you determine how much to send in is important because the amount you must pay can vary depending upon what your earnings are over the course of the year. For most people who earn income that necessitates filing quarterly taxes, their incomes are irregular. Even if yours is not irregular, tax rates and other tax situations can change. You don't want to take a chance on paying an incorrect amount- act now to talk to a tax professional. Call the tax professionals at brennantax.com. Like us on FaceBook!