When it is time to use TurboTax to complete your taxes for the past year, you may want to consider a few Money Saving Tips for Families in the coming year. Planning early in the year makes it easier to reach your financial goals by the end of the year. Since you are already running the numbers with Turbo Tax, you have records that can show you where to make cuts for the next year.
Review Your W-4
Changes in withholding laws affect the money your employer must withhold from each paycheck. If you find you owe money at the end of the year using Turbo tax 2014, you may want to increase the withholding. If you are getting a big refund each year, decrease the amount withheld to increase your monthly budget.
Winterize Your Home
Turbo Tax 2014 can help you to find special tax credits for this type of action. They reduce the cost of projects that provide long term savings to you as a homeowner.
Many people are paying hundreds of dollars monthly for their cellphones. That two year contract that gives you the latest smart phone can be costly. Today, there are providers offering great plans with no contract. Some are as little as $25 per month and will allow you to bring your existing phone.
Turbo Tax offers some great Money Saving Tips for Families for ensuring you take qualifying deductions on your tax returns. In addition, the software makes tips that can help you to save even more for the following year.
Open enrollment for health insurance plans is about to begin again. For that reason, eHealth, Inc. and Intuit have teamed up to keep consumers informed about changes in the program. Both companies have released information on how consumers can get enrolled in the right insurance plan and do it quickly. These companies have shared a partnership since 2013 when they first released a software product for health insurance selection (Intuit TurboTax). Without a doubt, consumers need to heed their words if they plan on using HealthCare.org.
For the past year, TurboTax free and paid users have been asked to answer whether they have health coverage or not when they file their income tax returns. Individuals that lack coverage are then directed to the TurboTax Health website where they can get purchasing assistance. This site allows individuals to compare their coverage options and enroll in a plan through eHealth, an easy process that is now mandated. Before the enrollment period ends, consumers should acquire coverage for themselves for small a small fine on their taxes.
Those who fail to enroll in a qualified insurance plan will face tax penalties without an exemption. For now, that penalty costs $325 per adult or two percent of a household’s income. The IRS charges the higher of the two fees, though. Not all households can afford to pay such fines and penalties each year. And the fines increase as the program is longer in effect. Thus its easier to pay the penalty at first but harder in later years when it becomes harder for congress to reverse the damage of Obamacare.
Currently, eHealth offers a variety of services for consumers in conjunction with Intuit. Consumers can use the company’s comparison platform to find coverage costs as we have discussed. They can then sign up for coverage through the joint enrollment plan. At that point, consumers will find themselves covered as far as the law is concerned. Paying for a plan comes at a later stage after you are registered and counted.
In the end, health insurance coverage is incredibly important and that is why most employers have offered health insurance to full-time workers. Many Americans remain uncovered, and they will face penalties without ample coverage when they file their taxes. Intuit and eHealth are providing a valuable service for American taxpayers and those in need of health insurance. As always, TurboTax offers a free taxpreparation option to help taxpayers save money on their taxes and now its even better with the added health insurance options.