Tax season can be a stressful time, and tax day, April 15, is just around the corner.
Here are a few things to keep in mind as you prepare to file your taxes:
The IRS and the California Franchise Tax Board can help. For qualifying taxpayers, the Volunteer Income Tax Assistance (VITA) and Tax Counseling for the Elderly (TCE) programs provide IRS-certified volunteers to assist in basic income tax return preparation and electronic filing. A list of VITA and TCE providers can be found here, and a comprehensive list of available services and necessary financial records is available here. Schedule an appointment today!
In addition, the IRS wants to ensure that everyone who qualifies receives their Earned Income Tax Credit (EITC). Eligible tax payers can receive a maximum credit of $6,143. Determining eligibility can be complicated, so the IRS has setup an online assistant to help taxpayers determine if they qualify for the credit. The EITC Assistant is available in both English and Spanish.
Lastly, Covered California has extended their Special Enrollment period until April 30 for Californians who did not know that they could face a tax penalty for foregoing health insurance in 2014, or who have learned that they may face a tax penalty in 2015. The "Shared Responsibility Payment" is a new tax penalty that affects those who can afford to purchase health insurance but choose not to, and is equal to either $325 per uninsured person in the household or 2 percent of their income, whichever is greater. The best way to avoid paying the penalty is to purchase health insurance. For more information on signing up for a health insurance plan through Covered California, and to find local assistance, visit Find Local Help. Almost 90 percent of those already enrolled received financial assistance to help cover the cost of their premiums.
I hope you find this information helpful. Please feel free to contact me or my staff on this or any other matter any time. I look forward to working with you.
Senator, 32nd District
"To help our constituents and our community through courteous, friendly, non-judgmental service and to help educate and lead the next generation of leaders.
We will achieve compassion and caring for everyone in our community and provide a voice and advocacy for everyone in need."
400 N. Montebello Blvd.
Montebello, CA 90640