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It's been a while since I have written a newsletter. This tax season was another successful one, and I thank each and every one of you who trusted us to prepare your tax returns this year. If you have not yet tried us out, please feel free to call or reply to this email to set up a free initial consultation.
Also, if you had your taxes prepared elsewhere (or if you prepared it yourself), and you were surprised by the results, please give us a call. We offer free reviews of tax returns, and we can amend up to three years of tax returns, if necessary.
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In our last newsletter, we mentioned that some of you may get a corrected Form 1095-A in the mail. The IRS recently told us that if you already filed your return when you received the updated form, you did not have to file an amended return. However, in some cases you may benefit from filing an amended return (you may get a bigger refund, or owe less!). If you received an updated Form 1095-A and did not incorporate this into your return, please give us a call and we can check to see if it would benefit you to amend your return.
For those of you that aren't familiar with the form, Form 1095-A is the form that reconciles the ObamaCare subsidy credits to what you should have received. If you should have received more subsidy throughout the year (based on your income), then you would receive the difference on your tax return. The opposite is true as well - if you received too much subsidy during the year, then you would pay it back on your return.
If you do not get your health insurance through the Federal exchange, then you would not receive this form.
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Upcoming Due Dates
If you are making estimated tax payments for 2015, the second one is due on June 15.
If you are a US Citizen with signature authority over a foreign account, and the total account balance (of all accounts) exceeded $10,000 at any point in 2014, you are required to file an FBAR report before June 30. This form is now online, and we can prepare this return for you. You won't owe any tax, but there are severe penalties for willful failure to file this form.
Keep in mind that the foreign accounts are typically foreign bank accounts, or precious metals that are held overseas. Accounts held in a retirement account or mutual funds that invest in foreign investments do not qualify for this form. If you think you qualify to file this form, please give us a call.
Finally, if you filed an extension for your corporate or personal returns, keep in mind that the corporate extended due date (for calendar year filers) is September 15, and the extended due date for personal returns is October 15.
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If you contributed to an IRA or HSA during 2014 (or in 2015 for the 2014 tax year), you will start to receive forms in the mail showing this contribution. They are typically sent in May/June after the April 15th filing deadline. If you reported these contributions on your tax return, then there is nothing that needs to be done, other than to file this form with your other tax paperwork. Keep in mind that Roth IRA contributions are not deductible on your tax return, since the earnings and withdrawals are tax free.
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If you have any questions about any of the above information, please feel free to call or reply. We look forward to working with you!
Sincerely,
Jody L Dowdle, CPA
Midwest Tax Group, Inc.
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Save $50
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$50 off your next tax return for each individual tax return that is referred! Credit given once we prepare their tax return. No limit to the amount of referral credits. Unused credits are applied to the following year's tax return. Not valid for referrals of members of the same household.
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Save $100
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$100 off your next tax return for each Corporate or Partnership tax return that is referred! Credit given once we prepare their tax return(s). No limit to the amount of referral credits. Unused credits are applied to the following year's tax return. Not valid for referrals of members of the same household.
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