Accounting and Tax Service
Ross and Ross Accounting and Tax Service provides personal, business, estate and trust tax return preparation. We also provide monthly business accounting services such as payroll services with full reporting, Florida sales tax and DBS calculations, QuickBooks setup and training, and notary services.
Ross and Ross Accounting and Tax Service has been family owned and operated in the Jacksonville area since 1984; more specifically the Mandarin and Julington Creek areas. To learn more about our team click here.
Important Tax Update
Affordable Care Act Tax Provisions for Individuals and Families
Starting January 2014, you and your family must have health care coverage, an exemption from coverage, or make a payment when you file your 2014 tax return in 2015. The Affordable Care Act, or health care law, contains new health insurance coverage and financial assistance options for individuals and families through the Health Insurance Marketplace. The Department of Health and Human Services administers the requirements for the Marketplace and the health plans they offer. The IRS will administer the tax provisions included in the law. Here are some important points about the Act.
- The premium tax credit is available to individuals and families who qualify to help make the cost of purchasing health insurance coverage through the Marketplace more affordable.
- The Marketplace is basically an online store where you can go apply and look for insurance plans that fit your needs.
- The open enrollment period to purchase health care coverage through the Marketplace has begun and runs through March 31, 2014.
- If you get health insurance through the marketplace, you may be eligible for advance payments of the premium tax credit to help lower your monthly premium.
- If you do not have a tax filing requirement for 2013 then you do not need to file a tax return to establish eligibility or qualify for future financial assistance.
- Certain employers are required to report the value of the health insurance coverage they provide to employees on the W-2. It may be reported by your employer in box 12 with a code DD. This amount is not taxable.
- You may still deduct your unreimbursed medical and dental expenses if they exceed 10% (if under age 65) and 7.5% (if 65 or older) of your adjusted gross income on your 2013 tax return.
The Premium Tax CreditYou may be eligible for the tax credit if you meet ALL of the following requirements:
- You must buy health insurance through the Marketplace;
- You are NOT eligible for coverage through an employer or government plan;
- You are within certain income limits;
- You must file a joint return, if married; and
- You cannot be claimed as a dependent by another person.
If you are eligible for the credit, you will then decide whether you want to:
- Get it now by having some or all of the estimated credit paid directly to your insurance company to lower what you pay out-of-pocket for your monthly premiums during 2014
- Get it later by waiting to get all of the credit when you file your 2014 tax return in 2015
You must file a federal income tax return for any year that you receive advance credit payments in any amount or if you plan to claim the premium tax credit.
For more information about your coverage options, financial assistance and to view the plans available to you or your family, visit the Marketplace at www.HealthCare.gov
The $1000 Child Tax Credit for each child has been extended permanently.
The $250 educator expense for primary and secondary teachers has been extended through 2014.
The enhanced Earned Income Credit amounts have been extended for five years.
The American Opportunity Credit has been extended for five years.
The adjustment to income for tuition and fees has been extended through 2014.
The State and local general sales taxes on Schedule A has been extended through 2014.
The deduction for mortgage insurance premiums on Schedule A has been extended through 2014.
Qualified principal residence indebtedness income can be excluded from income through 2014.
Tax Free distributions from IRAs to charitable organizations has been extended through 2014.