" What To Do If You Missed Tax Deadline ? "

If You Missed April 15th Tax Deadline, recommend the actions that Taxpayer can still take;
1. File Tax Return as soon as you can.
2.  Use IRS FreeFile e file your tax return.
3.  If your Income is less than $60,000 use Freefile for Brand Software To Fill Forms Electronically. This program is available until Oct 15, 2015.
4.  File Tax Return Electronically.
5.  If You owe Taxes, Pay as much as you can with the Tax Return.
6.  Explore Other Payment Options such as Installment Agreement.
7.  If you are getting Refund, file early to claim your refund.  If you don't file within Three Years you will lose your Refund to IRS.

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" How Defend Against Nation Wide Tax Scams ? "

Don't be Fooled by Tax Scammers Operating Nation Wide to Steal Your Identity or Refunds from Good Law Abiding Citizens. List Tips to Defend against such Scammers:

1. IRS Doesn't:
    o  Demand Immediate Payment or Threaten jail time without Prior  US Mail 
        Correspondence from Compliance or Enforcement Divisions after Tax Audit
        or Tax Collection Activities.
    o  Send Emailsto Tax Payers
    o  Ask For Credit/Debit Card Numbers on Phone.
    o  Threaten to Bring in Local Police to Arrest or Serve Jail time.

2. Report Tax Scammers to Treasury Inspector General For Tax Administration (TIGTA) at T: 1 800 366 4484

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" What To Do If You Receive Incorrect 1095-A & Premium Credit Forms ? "

If you Filed your Own Tax Return and Enrolled In Qualifying Market place Coverage using Form 1095-A, The Health Insurance Statement, and later learnt that there was there was error in 1095-A given to you, what should you do ?
1. You don't need to file Amended Tax Return even if you owe Taxes based upon corrected data.
2. IRS provides Tax Relief to the Tax Payers from Additional Tax Collection Actions.

Short answer is Do Nothing.

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" How To Get Saver's Credit ?"

You may claim Saver's Credit if you Contributed to  Retirement Plans such as IRA or 401(k). List details of Saver's Credit also called Retirement Savings Contribution Credit:
1. Maximum Credit:  
   Married Filing Jointly (MFJ)  =  $2000
   Single /MFS                            =  $1000
2. Income Limits:
    MFJ                         = $60,000
    Single / MFS           =  $30,000
    HH                          =  $45,000
3. Contribution Date:   April 15, 2015
4.  Other Qualifications:  18 Year Old, Not Full Time Student, Nobody can claim you as Dependent.
5.  Free File Program -  If you Qualify.

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" What Residential Energy Tax Credits Are Available ? "

For Home Energy Credits, list the details:
A) Residential Credit:
     1. Part of the Maximum Energy Savings Cost For Doors & Windows is 10% of the Invoice. The    maximum Energy credit is capped at 200$ for Windows and Doors.
     2.  Maximum Life Time Credit Limit is 500$ 
     3.  Energy Credit applies to your main home in US.
     4. Use Form 5695 to claim Residential Credit.
B) Efficient Property Credit:
    For Alternate Energy Efficient Property Credit such as water heaters, Solar etc. 30% of Invoice is Credit. There is no Credit limit. If your credit is more than the Tax  you owe, it can be carried forward to the following year.  This Credit is available through 2016.  Home must be is USA .

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" How Much & When To Contribute For TY2014 IRA Deduction ? "

For TY 2014 California Taxpayer Can Contribute to IRA up to April 15, 2015.  The Contribution Limits are Listed below:
1. Eligible Taxpayer can Contribute Up yo $5500 to IRA
2. For Taxpayers who are at least 50 Years, Contribution Limit is $6500
For IRA Account Withdrawals before 59 1/2 Years, there is Federal Penalty (10%) and CA Penalty (2.5%).
3. In Addition, you will also pay Federal & State Tax on the Amount Withdrawn.
    Have Tax Plan for this to avoid April 15, Tax Shock.

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" How To Claim Premium Tax Credit ObamaCare Health Coverage ? "

Taxpayer may be eligible for Premium Tax Credit (PTC) if the Health Coverage was purchased through the Marketplace per the  Affordable Care Act.  The Tax Credit is based upon a sliding scale where lower income people get Larger Credit. The higher the income, lower the amount of Credit.

To Claim this credit:
1.  Fill out the Form 8962 to figure the amount of credit.
2. 1095-A Statement from the Market Place provides the data necessary to complete Form 8962.
3. Health Premium Credit is Refundable i.e. even if you owe no tax this Credit will be Refunded to you.  However, if you receive Advance Payment of this Credit, and the Credit Received is in Excess of PTC, the Credit difference will be recaptured and added to the Tax.

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" How to Calculate Individual Shared Responsibility Payment For Obamacare ? "

For Each Month of 2014, Taxpayer and Dependants Do Not have the Monthly Essential Minimum Coverage through the Market Place, the Taxpayer needs to either file Claim of Exemption Form 8965 or make Shared Responsibility Payment per Worksheet in 8965.
1.  Shared Responsibility Payment :  Annual Payment amount is greater than Percentage of your household income or a flat dollar, but is capped at the National Average premium For a Bronze Level Health Plan available though the Market Place.
2.  You owe 1/12th Annual payment your or dependant Don't have the Either the Coverage or Exemption.. 
3. Use 8965 Form worksheet to figure out the Shared Responsibility Payment

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" What Are Affordable Care Act's Tax Consequences ? "

When you file TY 2014 Tax Return, you will need to report Minimum Essential Coverage, Claim or Report Coverage Exemptions, or make Shared Responsibility Individual Payment.  You don't have to file a Tax Return just to Report Coverage or Claim Exemption. See Highlights below:
1. If Taxpayer and all Dependants had the Minimum Essential Coverage for each month of 2014, you show this on the Tax Return and no other action is required.
2. File Form 8965 if you qualify for Coverage Exemption from Marketplace.
3. For the Months you and your family had no minimum essential coverage, you will have to make a Shared Responsibility Payment. This payment is reported in 1040, 1040A, or 1040EZ.
4.  Calculate Use Shared Responsibility Payment in Work Sheet 8965.

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