In 2010, when Congress passed the Affordable Care Act (commonly called Obamacare), the effects seemed far away to many of us. Now that the 2014 tax filing season is here, there will be several direct effects upon every American, with the requirement that all Americans of all ages obtain qualified health insurance for the entire year. The requirement to obtain health insurance applies to you individually as well as to anyone you claim as a dependent on your return.
Important 1 Percent Sales Tax Increase to be Decided by Voters in May
In one of its final acts for the 2013-14 legislative session, Congress passed the Tax Increase Prevention Act of 2014, extending many expired tax provisions retroactively for one year through 2014. Passage also included the Achieving a Better Life Experience Act, which created tax-favored savings accounts for individuals with disabilities and select tax-related offsets.
Of the 50 tax extenders passed, these provisions are deemed most significant:
WASHINGTON (Reuters) - The U.S. Senate was expected this week to renew dozens of temporary tax breaks, known as the "extenders," including big ones for business research, wind power and foreign profits.
Significant tax savings can be achieved through a properly planned program of gifts to charity. Although a contribution may be motivated by humanitarian reasons, it is nevertheless wise to take the tax considerations into account when making a contribution. Charitable giving can be divided into two general categories. First, there are donations that are made on a regular basis and involve relatively small amounts. Second, there is the large extraordinary donation often associated with estate planning. Different planning concepts govern each type of donation.