The holidays will be over before we know and the 2015 year will be coming to an end. It really feels like this year flew by in the blink of an eye! With the new year comes the new stress of tax time.
Back when my husband and I both had 9 to 5 jobs with a simple W-2 form, I never gave tax time a second thought. I would jump on Turbo Tax as soon as the W-2’s came in the mail and have our taxes finished in less than 30 minutes.
Now that we are both self employed, things have changed. Being self employed means we no longer have the luxury of W-2 forms. I no who thinks of tax forms as luxury? However I can honestly say going from the once a year task of entering a few numbers into a space to the now daily task of tracking our income, expenses, and potential write offs, makes me realize how easy things were.
Being self employed also means no employee health benefits. With 3 kids, one with autism and another with severe asthma, plus having chronic health issues myself, going without health insurance doesn’t seem like a smart or cost effective option for us. Plus now that the Affordable Care Act is in place, the penalty for not having insurance goes beyond excessive doctor bills and hits you with a penalty at tax time.
Luckily we were able to find a great health plan that was affordable, this really allowed us both to pursue our dreams without one of us having to maintain a job that provided insurance.
It is currently open enrollment time, if you are looking for health insurance.
We file our taxes every year with Turbo Tax, and have since the year I started filing my taxes my self. I love how they make everything an easy and streamlined process, whether I have a simple W-2 or own my own business. They ask the questions and I click on the answers and provide my end of the year calculations. Reporting health insurance for the year is no different, for nearly 80% of taxpayers it is as simple as clicking a box while filing with Turbo Tax.
Taxpayers who have insurance through an employer, government program, such as Medicare or Medicaid, or other private insurance will receive a 1095-B or C form. You do not need these forms to report insurance and file taxes, they are for your records only.
Turbo Tax also offers a lot of tools to help you understand how ACA effects your taxes, find out if you qualify for assistance paying for insurance, and if you qualify for an exemption. These tools include;
Along with numerous video’s to help you decide what your best option will be when it comes to health care options.
Turbo Tax has always been my go to tax resource. When I was 18 and filing my own taxes for the first time, and now as a busy working mom who wants the peace of mind of knowing her families health care is covered.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.