Arab, AL 35016 USA
Cook & Co, Tax Advisors Discuss Tax Law Changes and What to Expect in 2015
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!
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.
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 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.
Firm Information at a Glance
Enrolled Agents, CPA's, Accredited Tax Advisors, MBA's, Business Consultants
Cook and Co., Enrolled Agents are licensed by the U.S. Treasury Department to represent taxpayers before the Internal Revenue Service (IRS). Greg Cook is a Certified Public Accountant (CPA) licensed by the states of Alabama and Tennessee. Visiting us? Click on the address at the bottom of the page for driving directions to BARA Business Center.
NOTE: The majority of our clients drive great distances to see us at tax time each year. We will make every effort to accomodate you. Just give us a call.
Do you spend more time keeping records and documentation than concentrating on your business?
Twenty-five years ago, I would tell clients "You don't want to run your business with cheap software you can buy at Wal-Mart". Today I say, "Actually that's exactly what you want to do, if you can." Times and products change.
We specialize in matters of taxation!
Enrolled Agents, CPA's, Accredited Tax Advisors, MBA's Cook and Co., Enrolled Agents are licensed by the U.S. Treasury Department to represent taxpayers before the Internal Revenue Service (IRS). Greg Cook is a Certified Public Accountant (CPA) licensed by the states of Alabama and Tennessee.
Office Hours (to schedule an appointment click this button or Appointment at top of any page)
Tax Season Extended Hours Begin 2015-02-01.
Hours: During Tax Season (Feb 1 - Apr 15) Monday - Friday 8:00am to 8:00pm, Saturdays 8:00am to 5:00pm Available time slots on the hour are: Mornings 9,10 or 11, Afternoons 1,2,3 or 4 and Evenings 6 and 7 (no evening appointments on Saturdays)
Hours: After Tax-Season (Apr 16 - Jan31) Monday - Thursday 9:00am to 5:00pm, Closed Fridays and Saturdays
We put the "Well Being" of our clients first!
The field of finance deals with the concepts of time, money, risk and how they are interrelated. It also deals with how money is spent and budgeted. There are basically five steps in financial planning, the key component of personal finance.
We operate information technology systems and tools that manage millions in tax dollars.
At Cook & Co. we believe the continuous improvement of the processes and systems that support our mission, is crucial to our success. Let us put our knowledge, technology and resources to work for you, especially when it comes to meeting your technology needs.
Cook & Co. REVIEWS 5 Stars
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As a business owner I know how scarce time can be, so I especially appreciate your time and input. Greg Cook