Individual

As the end of 2019 approaches, more and more information and guidance is released by the IRS relating to the Tax Cuts and Jobs Act, as well as guidance relating to a number of different areas not impacted by the landmark tax reform act. While one of the claimed benefits of tax reform was the simplification of filing and the lowering of income tax rates, there are still many steps that individuals can take that can lower their tax bills. Planning during the final weeks and months of this year involves much more–both in terms of traditional year-end strategies and strategies developed in response to developments that have taken place over the last couple of years. Here are some points to consider:

Beginning in 2014, a penalty will be imposed on certain individuals who fail to have minimum essential health insurance for themselves and their dependents. However, to help subsidize the cost of health insurance and make it more affordable, eligible individuals who purchase coverage under a qualified health plan through an Affordable Insurance Exchange may receive a premium assistance credit. The IRS has issued guidance for employees on their eligibility to claim this credit.

In order to be eligible for the premium assistance credit, a taxpayer must satisfy the following criteria: