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Tag: Individual Tax Preparation Services

2017 Recap of Tax Provisions for Individuals

Many of the tax changes affecting individuals and businesses for 2017 were related to the Protecting Americans from Tax Hikes Act of 2015 (PATH) that modified or made permanent numerous tax breaks (the so-called “tax extenders”). To further complicate matters, some provisions were only extended through 2016 and are set to expire at the end of this year while others were extended through 2019. With that in mind, here’s what individuals and families need to […]

The Individual Shared Responsibility Payment

Beginning in 2014, the individual shared responsibility provision of the Affordable Care Act requires each individual to: – Maintain a minimum level of health care coverage – known as minimum essential coverage, or – Qualify for an exemption, or – Make an individual shared responsibility payment when filing their federal income tax returns. Minimum essential coverage generally includes government-sponsored programs, employer-provided health coverage, and coverage purchased in the individual market, including the Health Insurance Marketplace.  […]