It's time to begin another tax season, like it or not. As a tax professional, I plan to offer a free tax tip periodically throughout the tax season and beyond. Hopefully, this will make life easier for those who are dreading this time of year.
This is a rather simple introduction to this feature since we're still early in the process.
A cautionary note about the new health care reform laws in place. New to this year is the form 1095 which lists the built-in tax credit associated with the assistance in paying health care premiums. An important thought to keep in mind is that as your income increases or decreases, it's important to contact your health care coverage exchange and provide that information. If, for example, your income increases and you fail to act, it can reduce the tax credit and thus, possibly increase your tax liability (or reduce any refund).
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