WEST SPRINGFIELD, Mass. (WWLP) – It’s time to think about what changed for you and your family over the past year, and it’s not just for the holiday card. There are steps you should be taking right now so you’re prepared for the quickly approaching tax season.
“If you had a child you want to look at the benefits that derive from having a child. If you bought a home, make sure you have the documents put together to bring to your tax preparer or prepare your own so you can take deductions that might be available,” said Ray Maagero at Liberty Tax in West Springfield.
And the Internal Revenue Service is reviewing some major changes too: it’s the first filing season with new laws under the Affordable Care Act. Even though Massachusetts was at the forefront of health care reform, the national changes could still impact people in our state.
The IRS asked for a budget to help them cover costs of implementing the Affordable Care Act. Instead, Congress cut their budget by $341 million. For people who normally call the IRS during tax season with questions, only about half of those calls are estimated to go through.
“Your tax return is going to be more complicated bc the federal government has additional forms bc of Obamacare that you’re going to have to pay attention to,” said Maagero.
If you don’t have health insurance, you can expect a bigger fine this year. Take the necessary steps to get covered so you can minimize those penalties. Either way, organize your documents early so you’re ready to file during what’s expected to be a complicated season.