Dove Business Associates, Inc.

Are you ready for tax season?
Contact us to make your appointment

New for 2016

Download the winter 2016-2017 Tax Newsletter

Affordable Care Act

With the implementation of the Affordable Care Act, in 2014, new tax forms are being sent to some clients, and there are new form filing requirements.  Please check our client newsletter for details. 

Health Care Tax Forms At a Glance

New Forms Under Affordable Care Act

If you enrolled in the Health Connector or Connector Care Plan, you will receive a 1095-A for your Federal return and a 1099-HC for your Mass return.
If you enrolled in Commonwealth Care, you will receive a 1095-B for your Federal return and a 1099-HC for your Mass return.
If you enrolled in MassHealth, you will receive a 1095-B for your Federal return and a 1099-HC for your Mass return.
If you enrolled in insurance through your employer with less than 50 employees, you will receive a 1095-B for your Federal return and a 1099-HC for your Mass return.
If you enrolled in insurance through your employer with more than 50 employees, you will receive a 1095-C for your Federal return and a 1099-HC for your Mass return.
If you enrolled in a plan you directly purchased through a health plan insurer, you will receive a 1099-HC for your Mass return.

Residential Energy Efficient Property Credit

This credit equals 30% of what a homeowner spends on qualifying property such as solar electric systems, solar hot water heaters, geothermal heat pumps, wind turbines, and fuel cell property. Labor costs are included when you calculate this credit. And, this year, there is no cap on the amount of credit available, except on fuel cell property. Be sure you check the manufacturer’s tax credit certification statement before purchasing these improvements.
 

Standard deductions for 2016

Joint return or surviving spouse $12,600
Single $6,300
Head of household $9,300
Married filing separately $6,300
 

Standard mileage rates 2016

54 cents a mile for business miles
19 cents a mile for medical miles
19 cents a mile for deductible moving miles
14 cents a mile for charitable miles
 

Standard mileage rates 2017*

54 cents a mile for business miles
19 cents a mile for medical miles
19 cents a mile for deductible moving miles
14 cents a mile for charitable miles
*still unconfirmed as of 12/8/2016
 

Refundable Credits

Certain tax credits are Refundable credits, whereby they can be refunded to you if the credit exceeds your tax liability. Meaning, that if the tax credit brings you to zero tax, you can get the balance of the credit refunded to you. Nonrefundable credits can bring your tax liability to zero, but the balance of the credit is not refundable to you.
 

Education Credit Expanded

The 2009 Recovery Act made some temporary changes to the education credits:
1. Now called the American Opportunity Tax Credit
2. Increased AGI phase out range to $80,000-90,000 for Single or Head of Household and $160,000-180,000 for Married Joint
3. Maximum credit is $2500
4. Credit is now available for the first 4 years of post-secondary education
5. 40% of the credit is now refundable
6. Required course materials are now included along with tuition and fees
 

e-file logo

Dove is an authorized e-file provider.

© 2017 Dove Business Associates, Inc.

Sitemap