Qualified Long-Term Care Insurance—An Available Option for Employer-Provided Health Plans

Those who are self-employed, partners in a partnership or LLC and 2% or more shareholders in an S corporation can likely add a tax deductible long-term care insurance policies to their health insurance benefits program. For more information on the IRS’ requirements for the policy to be qualified for favorable tax treatment, read this C.P.A. Insight.

To Amend or Not to Amend

You filed your tax return, but you found an income statement you forgot to include. Your situation need not be a nightmare. You simply need to file a 1040x, Amended U.S. Individual Income Tax Return. This form will allow you to amend your both your income and deductions. For more information on when to file an amended return, read this C.P.A. Insight.

What to Do if You Cannot Pay Your Taxes

If you owe taxes this year and cannot afford to pay the full amount, there are options that you can take to ensure that you will not incur late filing penalties. The best option is to pay as much as you can by the deadline. While you will still incur late payment fees, you will not be penalized for filing late. For more information about this option and to learn more about the possibility of an Installment Agreement, read this C.P.A Insight.

Exceptions to the 10% Early Distribution Penalty

If you take a distribution from a retirement account before you reach the age of 59 1/2, generally, you will have to pay a 10% early distribution penalty. However, if you take an early distribution to pay for unreimbursed medical expenses or qualified higher education expenses, you may be able to avoid the early withdrawal penalty. For other common exceptions in which you may not be subject to the 10% penalty, read this C.P.A. Insight.

The Deadline is Here and My 1099 is Not

If you find yourself waiting on a 1099 form before you attempt to calculate your income tax return, you may be able to proceed without the missing form. In many cases, it is possible to find the necessary information using other sources. For more information on the different types of 1099 forms and where you might find accurate information if your form is missing, read this C.P.A. Insight.