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Arab, AL 35016 USA

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Cook & Co, Tax Advisors Discuss Tax Law Changes and What to Expect in 2015

gregory j cook tax advisor
The Affordable Care Act, or health care law, contains health insurance coverage and financial assistance options for individuals and families. The IRS administers the tax provisions included in the law.
The Individual Shared Responsibility Provision requires you and each member of your family to have qualifying health insurance (called minimum essential coverage), have an exemption, or make a shared responsibility payment when you file your federal income tax return. If you get your insurance coverage through the Health Insurance Marketplace, you may be eligible for a Premium Tax Credit.
If you are like most people, you probably already have qualifying health care coverage and don’t need to do anything more than let us know how many months in 2014 you had insurance.
If you don’t have or maintain coverage, you will have to get an exemption or make a payment with your federal income tax return. If you don’t have coverage, you may be able to get it through the Health Insurance Marketplace. If you get coverage through the health insurance marketplace you may be eligible for the Premium Tax Credit (PTC). The premium tax credit can be paid in advance to your insurance company or to you when you file your federal income tax return.
If you don’t have coverage or qualify for an exemption you may have to make an Individual Shared Responsibility payment when you file your income tax return. For 2014, generally, the payment amount is the greater of 1% of your household income above your filing threshold or $95 per adult ($47.50 per child) limited to a family maximum of $285. You will report your coverage, exemption or payment on your federal income tax return.

Knowledge, Technology and Resources, Working for You!

Featured Item for Tracking Business Mileage: GPS Logbook (click here to buy now)

gps logbook

Take the pain and hassle out of logging your business mileage. Make sure you claim all of your miles without having to calculate odometer readings or even switch on an app. Simply plug the unit into your car power outlet. The device will log your car mileage automatically.

gps logbook

Sync the data to your PC/Mac and create editable reports as often as you want (USB cord provided). Toggle between business and personal trips and personalize the reports to suit your needs. Reports are IRS compliant.

This device conveniently allows an additional USB cord to be connected when plugged into car power socket to allow other devices to be used or charged. 12 months subscription to Google mapping is included. $24 per year license fee billed annually after 12 months.

This GPS Logbookgps logbook is perfect for realtors, outside sales people and any small business! Click the image and read the reviews of this product. It is a bargain and worth its weight in gold! It's not often that I personally endorse a product, but this one is so special I felt I had a duty to share this with our clients. I can't tell you how many times over the last 30 years I've sat across the table from an IRS Auditor presenting client records and all the while hoping that they did not scrutinize the mileage logs too closely.

Maintaining proper records that will hold up in an IRS Audit is time consuming, especially when it comes to the Business Mileage Deduction. The IRS knows this and that is why they routinely target this business deduction in audits today. At the 2014 Business Mileage Rate of $0.56 per mile, it can be a substantial and easy adjustment for the auditor.

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