The Firm of Gardner & Billing, CPAs PLLC

Beginning this tax season, you will notice some changes on your tax return related to the Affordable Care Act, commonly referred to as ACA or Obamacare. This is a checklist to help you gather the necessary information to prepare the required ACA related forms on your tax return. We cannot complete your return without this information. FIND THE DESCRIPTION THAT BEST REPRESENTS YOUR CURRENT SITUATION 1) I enrolled in a health plan through my employer, private insurance, VA, Medicare or Medicaid All you will need to do is indicate that you have minimum essential coverage, a general term that includes individual market policies, job-based coverage, Medicare, Medicaid, CHIP, TRICARE and certain other coverage.   For a full list of qualifying plan types, visit www.Healthcare.gov/fees-exemptions/plans-that-count-as-coverage/   or contact our office. What we need from you: Form 1095-B or 1095-C if you receive it from your employer or private insurer. Dates of cov

At Gardner and Billing CPAs, PLLC, we’ve had clients ask if they are exempt from the insurance requirements of the Affordable Care Act if they are veterans. The following is taken directly from the Veterans Administration website. --------------- What happens if I do not have health coverage? You do not have to pay a fee if you have coverage that meets a minimum standard (called “minimum essential coverage”). VA is required by law to notify the IRS of Veterans’ enrollment status in the VA health care system in 2014. Veterans who are not enrolled in the VA health care system and who do not have qualifying medical insurance, unless given an exemption, will be charged a fee beginning on their 2014 federal income tax return, which most people will file in the spring of 2015. The fee is prorated based on the amount of time in the calendar year the Veteran does not have medical insurance that meets minimal essential coverage standards. VA is committed to ensuring Vete

Information on the 1099-MISC A 1099-MISC form serves a similar purpose to an independent contractor as a W-2 does for to an employee. The form reports the total amount of payments you receive from a single person or entity during the year that you provide services to. It includes some of your personal information such as name, address and either Social Security number or employer identification number. Most importantly, it will classify each type of payment in separate boxes on the form depending on the reason for your payment. Generally, if you receive payment for contract work you do, then your annual earnings will appear as nonemployee compensation. Who is responsible for preparing a 1099-MISC? Depending on how many different companies or people you receive payments from during the year, you may receive more than one 1099-MISC. Each payer must complete the form if during any year it pays you $600 or more. However, if you earn $500 from 20 different companies, you still