H&R Block representative Riley Holmes talks to the Tom Joyner Morning Show about the upcoming the tax season and what to expect from the new rules from the government.
The IRS started accepting tax returns today January 20.
We know a lot of people receive tax returns about 3 out of four people. The average refund is $2800. Big life changes can affect your taxes. If you have children, if you get married or if you have children going to college, all those things affect your tax return and can get you credits and deductions you didn’t know about. What happened in prior years is the IRS did move their dates back.
However, this year is the first year in two years that they opened up in late January. This year, you can expect to get your refund early to mid February. The best way to get your refund is direct deposit into your back account or we here at H&R Block have something called the Emerald pre-paid debit card so that is the fastest way to get it.
AFFORDABLE CARE ACT
That’s affecting a lot of individuals. There are three groups – the ones who have health insurance through an employer or Medicaid or Medicare. All they have to do is simply check a box on their tax form. The second group of individuals are those who enrolled in the health care marketplace. They will receive a form called a 1095A. That is mandatory to complete your tax return. A lot of individuals will be surprised so please bring that form in when you get your taxes done. The third group of individuals are those who qualify for the exemptions. If you have a foreclosure or bankruptcy – there are over 30 kinds of exemptions. You have to bring proof in, but if you qualify then you may be exempt from the penalty for not having healthcare.