IRS Health Care Tax Tip 2014-06, March 11, 2014

There are a few basic tips to keep in mind about the new health care law. Health insurance choices you make now may affect the income tax return you file in 2015.

1. Most people already have qualified health insurance coverage and will not need to do anything more than maintain qualified coverage throughout 2014.

2. If you do not have health insurance through your job or a government plan, you may be able to buy it through the Health Insurance Marketplace.

3. If you buy your insurance through the Marketplace, you may be eligible for an advance premium tax credit to lower your out-of-pocket monthly premiums.

4. Your 2014 tax return will ask if you had insurance coverage or qualified for an exemption.  If not, you may owe a shared responsibility payment when you file in 2015.

What should you do now?

If you or your family does not have health insurance, find out more now. Talk to your employer about the coverage they offer, or visit the Marketplace online.

Find out more about the health care law and the Marketplace at www.HealthCare.gov.

Find out more about the premium tax credit and the shared responsibility payment atwww.IRS.gov/aca.

IRS Tax Tip 2014-30, March 11, 2014

No matter when you need tax help, the IRS website has you covered. It’s easy to use and provides you with the information you want, when you want it. Here are eight good reasons to visit IRS.gov:

1. Help Yourself Anytime.  IRS.gov is available 24/7. Bookmark 1040 Central for all your federal tax needs. You can download forms or publications or get answers when you need them. Use theInteractive Tax Assistant tool and the IRS Tax Map for help with many of your tax law questions. Many IRS tools and products are also available in Spanish.
2. Take Advantage of IRS e-file.  Whether you do your own taxes or hire a preparer, IRS e-file is the safest, easiest and most popular way to file a complete and accurate tax return. And combining e-file with direct deposit is the fastest way for you to get your refund. The IRS issues most refunds in less than 21 days. If you owe taxes, e-file gives you options to file early and pay by the tax deadline.
3. Use Free File.  You can prepare and e-file your federal taxes for free with IRS Free File. Offered only at IRS.gov, Free File does the hard work for you. If you made $58,000 or less, you can use free tax software. If your income is more than $58,000 and you’re able to prepare your own tax return, use Free File Fillable Forms. This option has the electronic versions of IRS paper forms.
4. Check Refund Status.  You can track your refund using the ‘Where’s My Refund?’ tool. It’s quick, easy and secure. You can check the status of your return within 24 hours after the IRS has received your e-filed return. If you file a paper return, you can check your refund status four weeks after you mail it. Once IRS approves your refund, ‘Where’s My Refund?’ will give you a date to expect it.
5. Pay Taxes Online.  Electronic payments are a convenient and safe way to pay taxes. You can authorize an electronic funds withdrawal, use a credit or debit card or enroll in the U.S. Treasury’s Electronic Federal Tax Payment System. If you can’t pay all your taxes in full, you may be able to use the Online Payment Agreement Application to request an installment agreement.
6. Use the EITC Assistant.  The Earned Income Tax Credit is for working people who earned less than $51,567 in 2013. The credit can be worth up to $6,044. Find out if you’re eligible by using the EITC Assistant tool. You may be among the millions of eligible workers who get the EITC this year.
7. Figure Your Withholding.  The IRS Withholding Calculator tool can help you avoid having too much or too little income tax withheld from your pay. You can use it anytime throughout the year to stay on target.
8. Get the Latest Changes.  Learn about tax law changes that may affect your tax return. Special sections of the website highlight changes that affect individual and business taxpayers.

The official IRS website is IRS.gov. Don’t be fooled by other sites that claim to be the IRS, but end in .com, .net, or .org. Some scams use phony websites to get your personal and financial information. Thieves also use the information to commit identity theft or steal your money. Only visit IRS.gov for tax help from the IRS.

IRS YouTube Videos:

• Welcome to Free File – English
• Help Yourself! – English | Spanish
• All About IRS.gov – English | Spanish | ASL
• How to Get 1040 Forms – English | Spanish | ASL
• Earned Income Tax Credit – English | Spanish

IRS Podcasts:

• Help Yourself! – English | Spanish
• How to Get 1040 Forms – English | Spanish