It's getting to be that time of year that winter is dragging on and everyone is anxious for springtime to fully settle in. Flirtation with warm weather still turns to snow showers in a matter of hours, and we're reminded that it's not quite time to retire the snow shovels yet.
Before we can completely turn the page into spring, one other task remains that may be nagging your subconscious: tax time. There's about six weeks left before you'll need to ask the IRS for an extension or risk additional penalties.
There are a few changes this year to be aware of if you haven't filed yet, including new requirements for health insurance policies and same-sex couples. As this list of tax tips details, the Affordable Care Act mandates that all adults obtain some form of health insurance by March 31, 2014, or pay a fine by next year. In other 2013 news, the federal government now recognizes all same-sex marriages in states allowing couples to do so, including five states where Vertex is licensed to do business: California, Connecticut, Illinois, Utah and Washington. All married couples in these states can file taxes jointly and benefit from multiple tax savings.
There are several places to file your taxes online for free, including "Free File" on the IRS website if you earned $58,000 last year or less: http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free. The Boston Globe provided additional steps to consider before approaching tax season.
Still facing tax dilemmas? Especially if you are self-employed, making mistakes on your taxes could cost you dearly. Three Vertex loan officers also hold distinction as Certified Financial Planners and can offer advice to your particular financial situation.
If you are seeking consultation from a CFP, contact:
- Mike Waitt, Vertex president, at 303-407-0206 or mikew@vertexmail.com
- Doug Brasher, Vertex vice president, at 720-746-2210 or dougb@vertexmail.com
- Sean Devin, Vertex vice president, at 720-746-2209 or seand@vertexmail.com
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