Time to File your Taxes
The fact cannot be denied that every year there are changes with the tax laws and some of these changes could be on the: tax increases, inflation adjustments, new taxes and renewal of deductions. And since the filing of the tax season has just begun, you need to make sure that you are updated with the latest changes. Keeping updates on the tax changes and how these changes will be able to affect you is of great importance. What you will be able to learn in this article are some of the many changes that have occurred with the international taxation laws.
The law of the land that is requiring the individuals to have their own health insurance or pay a tax penalty is none other than the Affordable Care Act. What this law is all about is that people that have income thresholds are required to have a health insurance coverage. This is most especially true if they are not being covered by the public programs. An individual has the option to be covered under the state operated insurance market place of purchase a private individual policy. These are the options that an individual has if their work does not provide them any health insurance coverage.
For the individuals that do not have the least amount of level of coverage need to be wary for the reason that the end of the tax year they will be subjected to IRS penalties. And this is in accordance with the international taxation laws covering offshore voluntary disclosure program.
The small business owners can actually qualify for tax breaks and tax credits as well. This is most especially true if they have availed of their insurance through the small business health options program. This is the perfect program for the people that have businesses with employees that have less than twenty five full time workers. This is also perfect for those business owners that pay their workers for less than $50,000 in a year.
However, you need to keep in mind as well that there is no need for you to be alarmed with this new international taxation laws. The reason as to why there is no need to be worried is because of the fact that the new rule does not apply to the traditional IRA. This is also a new FBAR rule that does not apply as well to the trustee to trustee transfer. Thus, the transfer does not have any tax in it.