Do I have to pay the ACA Penalty for not having health insurance?

For many taxpayers without health insurance, the 2015 tax year is going to sting a lot more than 2014. The sting is the result of a significant increase in the Affordable Care Act (ACA) penalty for not having health insurance. Fortunately however, there are a lot more options to avoid the ACA penalty than many people realize. What is the “ACA Penalty?”  The proper name for the ACA Penalty is the “Individual Shared Responsibility Payment.” This penalty is the mechanism … Continued

Can I take the Home Office Deduction?

Chances are, if you are asking this question, you probably don’t qualify to take the “Home Office Deduction.” Income Tax Deduction: Business Use of Your Home The deduction for the business use of your home, commonly referred to as the “Home Office Deduction,” has long been thought to be one of the biggest triggers for an audit from the IRS. Much debate and many statistician hours have been devoted to determining whether this is in fact on the IRS’ “list” … Continued