No one has ever said that taxes and all the aspects associated with them was ever easy. This is why so many people end up going to a professional CPA each year in order to get assistance. Even though there are many issues that someone says is giving them problems with filing their taxes, there are some issues that are more commonly reported tax problems. Hernando Beach residents may feel better in knowing that they are not alone when it comes to tax issues, and also the fact that going to a professional CPA will be able to handle most of them so that a person can stop stressing about their taxes.

The Individual Mandate Penalty

One of the most common problems that many people report with their taxes is that they are getting penalized for not having health insurance under the individual mandate. Unfortunately, with these tax problems, Hernando Beach residents should know that there is little that a CPA can do in order to correct the issue. The good news is that starting with the 2020 tax season, a person is no longer required to have health insurance, and therefore will not receive a federal penalty when they file in 2021.

Changes to Retirement Contribution Limits

Another issue that many people run into when they are filing their taxes is any changes that are made to laws regarding their money or assets. When it comes to these types of tax problems, Hernando Beach residents should be made aware that a CPA will be better to explain what the changes are, and how they affect your assets when filing taxes. The most common form of changes this year that many people are worried about is retirement contribution limits changing. Many people want to ensure that they have ample funds in order to retire, and all of this income has to be recorded and taxed.

*Disclaimer: The views expressed here are those of the authors and do not necessarily represent or reflect the views of Suncoast CPA Group*