Services We Offer
  Tax Preparation and Filing

Whether you’re a self employed individual or filing as a corporation, get peace of mind with taxes done correctly and efficiently. (Get More Info)

  IRS Tax Problems Resolution

Whether you’re facing tax levies, liens, or garnishments, don’t face the IRS alone. We may even be able to arrange a reduced payment. (Get More Info)

  Business Registration

Need help registering your new business as an LLC, corporation, or partnership registration? Keep it simple – let us help! (Get More Info)

  ITIN Application

Do you need an Individual Tax Identification Number(ITIN)? We are authorized by the IRS to assist you in obtaining one. We can help! (Get More Info)

  Accounting and Bookkeeping

If you’re not a bookkeeper or accountant, spending time on this task is decreasing your profits! Our services can help your business grow! (Get More Info)

  Payroll Processing

Payroll is a hassle and a huge time drain for small businesses. Let us help with all aspects of your payroll processing (Get More Info)

  Notary Services

When you need notary services, we’re your trusted partner. We provide fast service for your notary needs. (Get More Info)

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Streamline your filing process and avoid the risk of process glitches. We can help you.

Contact Information
KF Tax & Accounting, P.C.

1970 Rawhide Drive, Suite 204
Round Rock, Texas 78681

Tel:  512-244-1516
Fax: 512-244-1567

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Who Else Needs Help Paying for Health Insurance Premiums?

Posted by kftaxaccounting2014 on November 4, 2014 in Uncategorized | 0 comment

This year certainly brought much change to the issues of income tax and health insurance, but it also brought something else that tax payers need to understand clearly.

Tax credits.

Specifically, if you get your health insurance through the Marketplace, and depending on your income level, you may be eligible for a tax credit known as the Premium Tax Credit. It’s designed to help ease the burden of paying for health insurance for people with moderate incomes. If need be, the tax credits can be paid in advance directly to health insurance companies, either in part or in full,  in order to cover the cost of a person’s health insurance premium for plans bought via the Marketplace.

Do you wonder if you might qualify for the Premium Tax Credit? Click here to go to the IRS website to see the list of qualifications.

How to Receive the Premium Tax Credit

The only way to get the credit is to file a federal income tax return. You’ll also want to make sure that you report any changes in your living situation throughout the year to the IRS to avoid either missing a benefit to which you’re entitled or ending up owing a balance because you received too large of a credit.

Note that when you file your taxes in 2015, you’ll need to report any advance payments you’ve received and deduct those from your tax credit in order to avoid a situation where you underpay your federal income taxes. (Sooner or later, the IRS will catch up if you underpay, and depending on how much you underpaid, you could end up owing a substantial amount in interest and penalties for underpayment.)

As the Affordable Care Act continues to be fully implemented, you may find you have questions about how it impacts your family’s tax situation. Please feel free to call us – let us help you navigate the unfamiliar territory and make tax time as smooth as possible.

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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