The Internal Revenue Service (IRS) has announced the opening of the 2015 tax filing season and has highlighted a growing array of online services, including features that help taxpayers understand how the Affordable Care Act (ACA) will affect them from a tax point of view, along with the availability of the Free File program.
The IRS will begin accepting and processing 2014 tax returns on January 20 2015 and taxpayers will have until April 15 2015, to file their 2014 tax returns and pay any tax due.
Although the 2014 tax returns will include new questions to incorporate provisions of the ACA, the majority of taxpayers – more than three out of four – will simply need to check a box to verify they have health insurance coverage. For the minority of taxpayers who will have to do more, the IRS website features useful information and tips regarding the premium tax credit, the individual shared responsibility requirement, and other tax features of the ACA.
