Category: Finances

Missouri Flood Victims Get More Time to File Income Taxes
"The best measure of a man's honesty isn't his income tax return. It's the zero adjust on his bathroom scale." ~ Arthur C. Clark (Photo by Darren Shaw)

“The best measure of a man’s honesty isn’t his income tax return. It’s the zero adjust on his bathroom scale.” ~ Arthur C. Clark (Photo by Darren Shaw)

Tax deadline day for most of the U.S. is April 16th. For Missouri victims of severe storms in December and January their deadline is a little later. That deadline extension also includes business tax deadlines such as February 1 and May 2 deadlines for quarterly payroll and excise tax returns.

Businesses and individuals trying to recover from flood damage can find resources and information at DisasterAssistance.gov.

 

 

Coping with Disaster

Flood-related resources from MU Extension

 

New Health Insurance Forms for 2015 Taxes
Proof of health insurance will be in the form of 1095A, B or C

Proof of health insurance will be in the form of 1095A, B or C

This year proof of insurance will come in one of three forms: 1095A, B or C. Whether or not you need these forms to file your income taxes depends on where you got your insurance coverage.

Today’s guest is Andrew Zumwalt, assistant professor of financial planning for University of Missouri Extension. He explains the process of proving health care coverage and what you need to file your 2015 taxes.

 

 

MU Extension Health Insurance Education Initiative

Find a Volunteer Income Tax Assistance service near you

Missourians Take Advantage of Open Enrollment for the Affordable Care Act Marketplace
To keep the body in good health is a duty... otherwise we shall not be able to keep our mind strong and clear. ~ Buddha (Photo by Tony Webster)

To keep the body in good health is a duty… otherwise we shall not be able to keep our mind strong and clear. ~ Buddha (Photo by Tony Webster)

Thousands of Missourians signed up or renewed their health insurance for 2016.

Today’s guest, Graham McCaulley, assistant professor of personal finance for University of Missouri Extension, talks numbers, new ACA special enrollment guidelines and changes to an ACA rule.

 

 

MU Extension’s Health Insurance Initiative

Special Enrollment Created for Taxpayers Surprised by Affordable Care Act Penalty
A good laugh and a long sleep are the best cures in the doctor's book.  ~ Irish Proverb (Photo by Vangelis Thomaidis)

A good laugh and a long sleep are the best cures in the doctor’s book. ~ Irish Proverb (Photo by Vangelis Thomaidis)

The 2014 tax year was the first year that people with no health insurance had to pay a penalty. Because there were so many caught off-guard, a special enrollment period was opened to help people get health coverage for 2015.

The penalty for not having health insurance, or an exemption, last year was $95 per adult and $47.50 per child (up to $295 for a family) or 1.0% of family income, whichever is greater. The penalty for not having health insurance, or an exemption, this year will be $325 per adult and $162 per child (up to $975 for a family) or 2.0% of family income, whichever is greater.

Everyone who does not have an exemption needs to purchase health insurance to avoid paying a penalty when they file their 2015 taxes next year.

Today’s guests are Graham McCaulley and Brenda Procter. Both are associate professors of finance for University of Missouri Extension.

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Affordable Care Act Marketplace

University of Missouri Extension Health Insurance Education Initiative

Healthcare Reform and Your Taxes

 

Sickness comes on horseback but departs on foot.  ~ Dutch Proverb, sometimes attributed to writer William C. Hazlitt

Sickness comes on horseback but departs on foot. ~ Dutch Proverb, sometimes attributed to writer William C. Hazlitt

Now that healthcare reform is the law of the land, you might wonder how it will affect your taxes.Whether your income is high, low or in-between, when you file your income taxes this year you will asked about your health insurance in 2014.

 

Today’s guest is Andrew Zumwalt, assistant professor of finance for University of Missouri Extension.

 

 

Missouri Taxpayer Education

 

Employer’s responsibility under the Affordable Care Act

The Affordable Care Act includes a variety of provisions that reform the insurance market and encourage small businesses to offer health insurance. Depending on whether you are an employer with fewer than 25 employees, one with fewer than 50 employees or an employer with 50 or more employees there are different requirements of the Affordable Care Act.

Today’s guest is Brenda Procter, associate professor of family finance for University of Missouri Extension.

 

 

Affordable Care Act and Small Business

Tax refund? How will you use it?
"I like to pay taxes. With them, I buy civilization." ~ Oliver Wendell Holmes Jr. (Photo by Mikhail Popov)

“I like to pay taxes. With them, I buy civilization.” ~ Oliver Wendell Holmes Jr. (Photo by Mikhail Popov)

Most of us know Benjamin Franklin’s saying about death and taxes. We also know that neither is very pleasant. But, many taxpayers will see a refund this year and will have to decide what to do with their sudden windfall.

Today’s guest is Andrew Zumwalt, assistant professor of finance for University of Missouri Extension. He has a few suggestions about how to put your refund to good use.

 

 

Missouri Taxpayer Education

Get Your Free Credit Report

Businesses using health reimbursement plans could be in a pickle
“You don’t pay taxes – they take taxes.” ~ comedian Chris Rock (Photo by Levy Choi)

“You don’t pay taxes – they take taxes.” ~ comedian Chris Rock (Photo by Levy Choi)

A Department of Labor decision in November last year declared that employers who do not offer health insurance but instead reimburse employees for the cost of acquiring health insurance have essentially established a “group health plan.” These plans would then be subject to ACA market reforms and be deemed non-compliant because the accounts impose limits on the amount of reimbursement and may not cover all required health benefits. This decision was made retroactive to Jan. 1, 2014. Non-compliance comes with a stiff fee.

Today’s guest is Brenda Procter, associate professor of family finance for University of Missouri Extension. She explains the ruling, the penalty and what employers need to do to avoid a fine.

2015 sign-up deadline for Affordable Care Act marketplace fast approaching
“Your body is your most priceless possession…so go take care of it!” ~ Jack Lalanne (Photo by Robert Linder)

“Your body is your most priceless possession…so go take care of it!” ~ Jack Lalanne (Photo by Robert Linder)

If you’re planning to get health insurance through the Affordable Care Act marketplace, time is running out. You only have until February 15.

This is the first year there is a fee if you didn’t have health insurance in 2014. There are many exceptions to avoid the fees. Graham McCaulley and Brenda Procter, both associate professors of family finances for University of Missouri Extension, explain these fees and the exemptions.

 

 

MU Extension Health Insurance Initiative

Affordable Care Act marketplace