We'd like to bring to your attention a couple issues that will be required when you submit your tax organizers in early 2017:
AFFORDABLE CARE ACT: To comply with the ACA, each taxpayer must:
- Have Minimum Essential Coverage (MEC) for each month, OR
- Have a Coverage Exemption, OR
- Make a 'Shared Responsibility Payment' (calculated according to the household members and paid with the tax return)
Please know what you have, because we will be asking. You will need to bring in Forms 1095 A, B, C with your tax information.
BUSINESS EXPENSES: Taxpayers deducting travel & other business expenses are required to have adequate records, including: amount, time, place, business purpose, business relationship of those included, account book, diary/log, statement of expense or trip sheet. Estimates of business mileage are NOT acceptable.
Top Tips Every Taxpayer Should Know about Identity Theft