FREQUENTLY ASKED QUESTIONS - Volume 1

I didn't have healthcare in 2014. How does this affect my tax return?

If you did NOT have healthcare in 2014, and you do not qualify for a health coverage exemption, chances are you will have a shared responsibility payment with your tax return.  Contact our office for full details.

I've heard the term additional Medicare tax. What does this mean?

Certain types of income received in 2014 are subject to a 0.9% additional Medicare tax.  Your employer is obligated to withhold this tax once your wages exceed $200,000in a calendar year. Contact our office for more details.

What is AMT?

AMT stands for Alternative Minimum Tax and its calculation is simultaneous to be regular tax calculation.  However, AMT is calculated using a different set of rules than those used for regular tax. At the end of the day you are liable for either AMT or regular tax, whichever is higher.