Tax season is here, and your 2014 tax return is due in about six weeks.
Local CPA David Young says the biggest change people need to be aware of this year is the requirement for proof of health insurance coverage due to the Affordable Care Act. If you did not have health insurance coverage in 2014, you could face a penalty amounting to one percent of your adjusted gross income.
Young says one common mistake he sees is taxpayers using the wrong filing status, which could be costly.
“A person will say ‘Well, I’m single,’ so they just mark ‘single.’ But, they fail to realize they may have a child living with them and you paid for the support of that child,” Young said. “Yes, you may be single for dating purposes, but for tax purposes, you are head of household, which would be a favorable tax status for you.”