Filing tax returns and obamacare

[bobm]

My wife ( she works for the IRS ) is currently teaching classes in Vancouver, Wa. to CPAs, tax preparers, and volunteer tax preparers who prepare tax returns for free to those that can't afford paying for the service. This obamacare portion is getting to be quite confusing and the attendees are often confused. So I would recommend that one and all keep very good records backed up with receipts and cancelled checks in an orderly manner not only on this but with every portion of your business / farming operations as well. Yes, even if you are only an employee too. The IRS computers are used to spot annomolies and errors in the tax return and then one receives a letter inviting one for an audit. Consult/ hire a very reputable tax preparor firm that is well versed and specializes in business / farming operations. Ask qestions !

 

[bobm]

At yesterday's class ... expanding on the health care ... the portion where a person that is in a minimum pay job / part time job and receives a government subsidy for the premium and then gets a raise or a new higher wage job or a new minimum wage that is higher than before will get a surprize when he/ she has to repay a portion of or entire subsidy depeding on amount of pay and family sircumstances. The progressives are spouting off to increase the minimum wage to $15 / hr. which will recoup the government subsidy from quite a few which they never mention. Hit a vulnerable person in the gut when he / she is trying at his / her best to get ahead.

 

[baymule]

Good information bob! I not only keep receipts, but I copy them as well, because so many fade away and are unreadable.