There goes another year! Year-end is a good time to start taking stock of any events that have occurred that may change earlier projections on your income taxes.
In addition, if you purchase your healthcare from the Marketplace, any life changing events, will also affect your premiums, and whether or not you will owe money or get a refund on these premiums at the end of the year.
Events that will give cause for attention include:
- Birth or adoption
- Marriage or divorce
- Moving to another address
- Changes to household income
- Gaining or losing health care coverage or eligibility
- Other changes affecting income and household size
If you receive advance healthcare credit payments in any amount or if you plan to claim the premium tax credit, you MUST file a federal tax return. If you receive any advance credit payments, you will use your return to reconcile the difference between the payments and the credit.
If any of these or other events occurred, please contact us to discuss so that we can help you with proper tax planning for the upcoming year. There is still time left for good forecasting and planning. Practicing due diligence will be worth all of your effort. The last thing we want for any of our clients is any unnecessary negative surprises!