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Acosta Tax & Advisory, PA

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Great SEO Services For Accountants

Highly recommended company - I would suggest checking them out when you get a chance. 

Health care insurance purchased during 2014 Look for Form 1095-A

If you purchased health care insurance through the Marketplace for 2014, you should receive a Form 1095-A by the end of January, 2015. The information shown on Form 1095-A will help you complete your 2014 federal individual income tax return. Among other things, it reports the total monthly health insurance premiums paid to the insurance company you selected through the Marketplace.  It will also list the amount of premium assistance you received in the form of advance payments of the premium tax credit that were paid directly to your insurance company.

If you chose to have advance payments of the premium tax credit paid directly to your insurance company in 2014, you must file a 2014 federal income tax return. You are required to reconcile – or compare - these payments to the premium tax credit you’ll compute for your 2014 tax return. Even if you did not choose to receive advance payments, you must file a 2014 federal income tax return to claim the premium tax credit.

If you have a question about the information shown on your Form 1095-A for 2014, or about receiving Form 1095-A for 2014, contact your Marketplace as shown in the table below or visit 
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Large Employer Provisions apply to businesses in South Florida (Miami, Broward)

For example, in 2015 large employers in South Florida will have annual reporting responsibilities concerning whether and what health insurance they offered to their full-time employees.
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Employers in South Florida have to deal with the Affordable Care Act (ACA) requirement, effective this January 1st 2015.  Many are confused as to the true impact this will have in their organization. 

Most asked Questions
1.  Do I have to offer affordable health insurance?
2. What are the possible penalties that companies are facing?
3. What happens if my employees go to the Marketplace to obtain Health Insurance?

The answers to these questions may surprise you.  For more information and a free consultation to employers and business in Miami and Broward regarding ACA Employer Requirements or what some refer to as OBAMACARE employer requirements please contact us at 954-894-2003 or visit our website.

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If you are wondering what the the premium tax credit PTC is, see below explanation.  Many Americans will have to deal with this during the preparation of the income tax return.

What is the Premium Tax Credit, also know as Obamacare credit?
The premium tax credit is an advanceable, refundable tax credit designed to help eligible individuals and families with low or moderate income afford health insurance purchased through the Health Insurance Marketplace, also known as the Exchange, beginning in 2014. You can choose to have the credit paid in advance to your insurance company to lower what you pay for your monthly premiums, or you can claim all of the credit when you file your tax return for the year. If you choose to have the credit paid in advance, you will reconcile the amount paid in advance with the actual credit you compute when you file your tax return.

Unfortunately, this form is not user friendly and many American will have to complete this form at risk of making costly mistakes.
For more information, please visit our website
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*3 Ways to Lower Your Business Tax Bill *

Legal tricks to keep in mind when tax season comes around.

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The Universal Language of a Smile

How fluent are you when you don't know the words to say?

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Tax Resolution Services

If you have any questions or concerns regarding an IRS tax issue, please call us or leave us a comment below and we'll offer some help.

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#NeverForget   #september11  

Remember always - United We Stand
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