Disaster Relief Filing Deadline Extensions

Due to the heavy storms this month several cities in TX, and several parishes in LA, have been declared Disaster areas. Because of this, those area have a filing deadline of July 15, 2016. If you have already filed your 2015 tax return, you have the option to amend the return and add the losses for your casualty or add it to next year return. If you have not filed a return, you have the option to add it to this year return or adding it to next year return.

Below are IRS links to give you more information.

TX
https://www.irs.gov/uac/Tax-Relief-for-Victims-of-Severe-Storms,-Tornadoes-and-Flooding-in-Texas

LA
https://www.irs.gov/uac/Tax-Relief-for-Victims-of-Severe-Storms-and-Flooding-in-Louisiana

Health Care Forms

Beginning in 2014 everyone was required to get and maintain health insurance. Many taxpayers rushed to the market place to be in compliance and received a tax credit along with a 1095-A for. 2015 brought two more forms for taxpayers who purchased insurance through their employer or an outside source. Don’t be alarmed when you see the 1095-B or the 1095-C. Although these are considered “tax documents” , unlike the 1095-A, these forms are informational.

 

1095-A Marketplace

1095-B Insurance through a source other than Employer or Market Place

1095-C Employer sponsored Health Insurance

1095-A and 1095-B premiums are deductible medical expense.

 

For more information about health care please visit one of our experienced tax professionals.

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