Category: IRS Tips

IRS Tips
Self Employed? Check Out These IRS Tax Tips

If you are self-employed, you normally carry on a trade or business. Sole proprietors and independent contractors are two types of self-employment. If this applies to you, there are a few basic things you should know about how your income affects your federal tax return. Here are six important tips from the IRS: SE Income. […]

IRS Tips
Here’s What You Need to Do with Your Form 1095-B

This year, you may receive one or more forms that provide information about your 2015 health coverage you had in 2015.  These forms are 1095-A, 1095-B and 1095-C. This tip is part of a series that answers your questions about these forms. Form 1095-B, Health Coverage, provides you with information about your health care coverage […]

IRS Tips
Deciding Whether to Itemize or Use the Standard Deduction

Most people claim the standard deduction when they file their federal tax return, but you may be able to lower your tax bill if you itemize. You can find out which way saves you the most by figuring your taxes both ways. The IRS offers these six tips to help you choose: 1. Use IRS Free […]

IRS Tips
It’s Time for a Mid-Year Premium Tax Credit Checkup

If you have insurance through the Health Insurance Marketplace, you may be getting advance payments of the premium tax credit. These are paid directly to your insurance company to lower your monthly premium. Changes in your income or family size may affect your premium tax credit. If your circumstances have changed, the time is right […]

Overview of the Employer Shared Responsibility Provisions

The Affordable Care Act contains specific responsibilities for employers. The size and structure of your workforce – small, large, or part of a group – helps determine what applies to you. Employers with 50 or more full-time equivalent employees will need to file an annual information return reporting whether and what health insurance they offered […]

Employers Sent Special Unemployment Insurance Assessment Bills

On Aug. 1, the state sent out special assessment bills to employers for interest due on $810 million in federal funds that Connecticut borrowed six years ago to pay unemployment insurance benefits during the recession. This year’s special assessment is $3 per full-time employee–less than half of the $7.50 that was assessed last year. However, Connecticut […]

Back-to-School Education Tax Credits

If you, your spouse or a dependent are heading off to college in the fall, some of your costs may save you money at tax time. You may be able to claim a tax credit on your federal tax return. Here are some key IRS tips that you should know about e tax credits: • […]

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