While the information on this site deals with legal issues, it does not constitute legal advice.  If you have specific questions related to information available on this site, you must consult an attorney who can evaluate your particular situation.

Contact Us

Address:  

611 Commerce St. Suite 2704 

Nashville, TN 37203

Telephone:  (615) 840-7470  

Fax:  (615) 840-7710

Email Lee:  LeeMarsdenLaw@gmail.com

Email Kristie:  kstark@leemarsdenlaw.com

AFFORDABLE CARE ACT (OBAMACARE)

Once again, your healthcare coverage will need to be reported on your tax return.
The Affordable Care Act (ACA or Obamacare) is designed to make healthcare available to people with limited income.  It does this by reducing insurance premiums for people with low income while those making higher income who don't buy insurance pay a subsidy (a penalty).
These numbers are calculated in your tax return depending on which of the 4 categories below applies to you:


1.  If your or your spouse's employer provided health insurance in 2016, they must provide Form 1095-C.  You should provide a copy of that form to your tax preparer.


2.  If you purchase your own health insurance (not provided through an employer), your insurance carrier must issue you a Form 1095-B.  You should provide a copy of that form to your tax preparer.
 
3.  If you weren't covered for more than 2 consecutive months, you may have to pay a penalty, but you can apply for an exemption.  Talk to your preparer about this.


4.  If you received a government subsidy in the form of a tax credit to purchase health insurance through the Marketplace, you will be issued Form 1095-A.  You should provide a copy of this form to your tax preparer.
The annual penalty for 2016 for not having coverage is $695 per adult plus $347.50 per child under 18, with a family maximum of $2,085; OR 2.5% of your total income over $10,400 for individuals ($20,600 for couples filing jointly), whichever is greater, with a maximum penalty of $13,000.  The penalty is assessed on your 2016 return and increases again if you don't have coverage in 2017.

FORMS & LINKS


The Income Tax Organizer lists information needed to prepare your tax return.  It will also tell you what papers to provide (W-2's, 1099's, etc.).  You can print this, fill it in and bring it to your appointment or mail or email it to us. 
To print the Organizer, you will need Adobe Reader DC. If you don't have it, please download it for free: Get Adobe Reader DC
 
When you have completed the 2016 Organizer, call or email us to schedule a meeting with Lee or Kristie.  If you are unable to meet with us in person, send us the Organizer and the documents it requests, including all W-2 and 1099 forms.  Lee or Kristie will call to discuss them with you.  For your security, please save the Organizer to your hard drive before filling in any information.
The Estate Planning Questionnaire lists most of the information needed to prepare a Will, Trust, Living Will, and Power of Attorney, and assist you with estate planning.

 
If you have rental properties, enter rental income and expenses on:


To obtain information from the Internal Revenue Service, visit their website:



To obtain information from the Tennessee Department of Revenue, visit their website:



DUE DATES FOR ESTIMATED PAYMENTS
ANY DUE DATE WHICH FALLS ON A WEEKEND OR HOLIDAY
IS EXTENDED TO THE FOLLOWING BUSINESS DAY.


When sending your payment, include a payment voucher and write "2017 Income Tax" and your Social Security Number on the check.  If you are married use the husband's Social Security Number.


4th Quarter 2016 - due January 15, 2017
(write "2016 Income Tax")
1st Quarter 2017 - due April 17, 2017
2nd Quarter 2017 - due June 15, 2017
3rd Quarter 2017 - due September 15, 2017
4th Quarter 2017 - due January 15, 2018
Tennessee Residents Mail Estimated Payments to:
INTERNAL REVENUE SERVICE
PO Box 931100
Louisville, KY 40293-1100
 

FREQUENTLY ASKED QUESTIONS

DECEDENT'S ESTATE TAX RETURN
Returns for a decedent's estate are due 9 months after death.  The 9 month deadline can be extended for 6 months.  However, other important actions may be required sooner than this.  You should check with a lawyer before dealing with a decedent's property or signing or filing anything regarding a decedent's estate.  

WHAT IS PROBATE?
Probate is a court-supervised distribution of a decedent's assets to beneficiaries named in a Will.  Many assets are distributed outside Probate; life insurance, retirement plans and some jointly owned property are examples.
Probate comes from the Latin word probare (to prove) which refers to a court's decision whether a Will is valid.

WHAT IS AN EXECUTOR?
An executor is an individual, bank or trust company appointed in a Will to collect the decedent's assets and distribute them.

WHAT IS A TRUST (and a TRUSTEE)?
A Trust holds property for one or more beneficiaries, for example, a spouse or minor children.  A Trust can be funded during life or through a Will at death.  A Trustee makes investment decisions, pays expenses and eventually distributes property to the beneficiaries.

WHAT IS A LIVING WILL?
In a Living Will one gives instructions about withholding or withdrawing life support if one is (1) terminally ill and (2) unable to give instructions.  It also contains instructions about organ donations.

WHAT IS A POWER OF ATTORNEY?
A Power of Attorney authorizes someone else to act for you.  They can be used for single transactions, or can apply generally to business and medical decisions for an indefinite period.

WHAT IS A LIVING TRUST?
A Living Trust is usually created by someone to hold their own property during life and distribute it to beneficiaries at death.  During life, the person can change or revoke it.  After death the property avoids probate and passes directly to beneficiaries.