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No health insurance? Penalties to rise in 2015

No health insurance? Penalties to rise in 2015

The cost of being uninsured in America is going up significantly next year for millions of people. It's the first year all taxpayers have to report to the Internal Revenue Service whether they had health insurance for the previous year, as required under President Barack Obama's law. Those who were uninsured face fines, unless they qualify for one of about 30 exemptions, most of which involve financial hardships.

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Team ACA punts on disclosure policy (access required)

Team ACA punts on disclosure policy <span class="dmcss_key_icon"><img alt="(access required)" src="/files/2013/12/lock1.png" border=0/></span>

At a board meeting held to establish its policies on disclosure of the businesses that contribute money, Team ACA said its policy would simply be to comply with all legal requirements, though it’s unclear whether the identities of contributors would be open to the public.

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Tax break available on auto purchases

The "Cash for Clunkers" program for new cars may have ended, but the IRS wants to remind taxpayers about another special federal tax deduction available that can help you save money, in some cases hundreds of dollars, on auto purchases. This tax break will allow people who buy a new vehicle in 2009 to deduct the sales and excise taxes they pay when they file their tax return next year. The tax deduction is available on the 2009 federal tax return even for those who claim the standard deduction.

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