KBenServices

Home » Business Tips » Mid-Year Tax Checkup

Mid-Year Tax Checkup

It’s hard to believe it is already the end of July.  When I was young I remember my grandmother saying time goes by faster the older you get.  That seemed so funny to me back then, but she certainly was correct.   Time does seem to go by faster.  Before you know it, it will be ‘that’ time of year again.  Time to file those dreaded taxes.

When it comes time to file your annual taxes, no one likes having to pay.  Many people even look forward to anticipated refunds and plan major purchases and investments based on those refunds.  Mid-year is the perfect time to perform a tax checkup to help ensure you do not have to pay in more than expected, or that you get back the refund you are hoping for.

Doing a mid-year tax checkup is always wise, this year more so than ever for many people.  Aside from ensuring you are having enough taxes withheld, if you are receiving a tax subsidy under the Affordable Care Act it is important to make sure your earnings and household situation are still in line with what was reported when you applied for coverage through the exchange.   A change in income, a residence change, or an increase or decrease in dependents are just a few of the life changes that can affect the amount of the subsidy you receive.

Here are a couple of links to help with your mid-year checkup.

To ensure you are having enough taxes withheld check out the IRS Withholding Calculator by clicking HERE .

To report life changes or an increase/decrease in income that will affect any tax subsidy visit the Healthcare.gov website by clicking HERE .

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: