Health & Advice

 

The deadline has passed to purchase healthcare under the Affordable Health Care for America Act, AKA Obamacare.  A decision was made not to purchase health insurance.  You rather pay the tax penalty.  We will review how to calculate the tax penalty for not purchasing health insurance.

By  A.J. Gross, C.P.A., E.A.

 

You filed your taxes on time and it was a huge relief.  Getting your taxes prepared every year is burdensome.  Then you stumble upon some additional tax information.  The nervous twitch you feel inside about taxes comes back.  I recommend amending your tax return.

By Jill Schlesinger

Tribune Media Services

 

Three years into the national housing recovery, activity and price increases are moderating. While the unusually severe weather across the country has contributed to the recent weakness, the effects of last year’s rise in mortgage rates and the incremental increase in inventory have slowed things down. As a result, it is a perfect time to consider one of the age old questions that plagues would-be homeowners and equity rich near-retirees: Should I buy or rent?

By Jill Schlesinger

 

 

1)  Dependent Exemption – You may be able to claim a dependency exemption for each child living with you.  The dependency exemption for 2013 is up to $3,900 per child.  The dependency exemption increased to $3,950 in 2014.  The child must be considered a qualifying child or qualifying relative.  The child must be a U.S. citizen, U.S.  national, or U.S. resident alien.