Each year taxpayers face new tax laws, reforms, and policy changes that may affect their finances. For example, the Affordable Care Act (or ObamaCare) was created to make our health care system more efficient and less costly. However, for some taxpayers preparing their 2014 returns, this could p mean higher bills, particularly for higher income earners and those with large medical expenses. Also, those who have chosen to forego insurance the last couple of years may face penalties because they will have to offset the cost of insurance needed to reconcile those payments with their actual 2014 income.

In addition to ObamaCare, wealthy taxpayers might have to shoulder the burden of higher taxes this year. Likewise, a single filer with a taxable income of more than $400,000 ($450,000 for married couples filing jointly), could face added taxes.

With frequent tax reforms and policy changes, it is highly advisable to consult a financial planner in Northern Virginia. Formulating effective and efficient tax plans based on the most recent tax revisions can protect your personal and business assets while keeping your tax liabilities to a minimum.

If you’re from Washington DC, Great Falls, Georgetown, McLean, Northern Virginia, Arlington, Ashburn, Reston, Vienna, or the surrounding area and you want to understand how current tax laws affect your investments, call AOG Wealth Management – a financial advisor in Northern Virginia.