Consumer Watch: Tax day preview

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by Andy Treinen

WHAS11.com

Posted on April 14, 2014 at 5:39 PM

LOUISVILLE, Ky. (WHAS11) --Tuesday is tax day and before people know it, they’ll be filling out 2014 returns.
 
What can people do now to make filing next year a little easier?

This year, 2014, is the year the Affordable Care Act officially starts to impact tax returns. And there are no exceptions, everyone must carry a minimum level of health insurance, or pay up.

Ninety-five dollars may not sound like much for the fine, but one percent of your income could prove substantial.  It's estimated that a family of four, earning $70,000, would pay about $497.  In three years, that amount will increase to around $2000.

As people look to the future, they can do some pre-planning for next year, especially when it comes to major life events.  Are your getting married, having a baby, buying a house, sending your teen off to college or caring for your elderly parents?  

All of these will change the way you pay your taxes and then there's the unknown.

This year, teachers were able to deduct $250 for out-of-pocket classroom expenses.  That expired and no word yet on whether it'll be extended.

Taxpayers can also say good-bye to a number of charitable, education and energy credits and deductions, unless Congress decides to take action.

If you have a consumer issue you’d like us to look into send an e-mail to consumerwatch@whas11.com.

 

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