People Without Health Insurance Face Stiff Tax Penalties

Date posted - January 6, 2016

1040 income tax formNorthwest Iowa — If you pay estimated quarterly taxes, you’ll  face your first deadline of the new year next week, as fourth quarter taxes are due January 15th.

Bob Burger is a CPA, and he says there are new rules every filing season. The year’s biggest issue is thanks to new requirements under the federal Affordable Care Act, as the penalty is rising for anyone who doesn’t have health care coverage.

As you begin to organize all of your tax paperwork, Berger says don’t forget about contributions to non-profit groups you made during the past year.

The Internal Revenue Service requires you have proof of such donations, with a cancelled check, a bank or credit card statement, or a letter or receipt from the organization. Donors also need written acknowledgement from the charity for all gifts worth $250 or more.

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