7 On Your Side's Michael Finney offers tips ahead of Tax Day

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With Tax Day around the corner, 7 On Your Side's Michael Finney has some tips to help make filing your taxes easier. (KGO-TV)

Every year, Americans face changes to the tax code and 2015 is no different. This year's filers can expect tweaks, rather than radical changes.

7 On Your Side's Michael Finney will have tax tips to help you everyday up until the deadline, which is Monday, April 18.

WATCH VIDEO: Consumer Reports finds advantages to filing taxes early

There's good news, especially for those procrastinators. Under federal law, Tax Day gets pushed back if there's a conflict with a federal holiday and this year Emancipation Day gives Americans an extra weekend to crunch those numbers.

Also, if you live in a state that celebrates Patriot's Day that deadline moves back even further, to April 19.

The bad news is the penalty for not having qualifying health care coverage goes up and goes up big. "For people who didn't have coverage this year, they're going to see their penalties roughly double from what they were last year," H&R Block Senior Tax Advisor Richard Gartland said.

Due to the Affordable Care Act, taxpayers will see a couple of new forms such as: An employer issued document and a 1095-B or 1095-C form that reports medical coverage. For many, all you have to do is simply check on your tax return that you had healthcare. You don't need to send the forms in.

For those who received an advance premium tax credit, this was government help to pay for coverage through a health exchange. It's a little more complicated, but you'll have to reconcile that credit when you file and you must file. "There's a significant number of people we found who are not perhaps required to file a tax return because of their income level, but if they had that APTC, they need to file or they jeopardize the credit in the future," Gartland said.

Something else that's new this year is that tax brackets have risen slightly and the personal exemption that all taxpayers are entitled to take goes up $50.
Related Topics:
financetaxesproperty taxesbusiness7 On Your SidemoneyCalifornia
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