10 new tax traps to watch out for in 2014

The lesson, as always, is to keep up with the latest in laws so you can file your taxes with no mistakes -- and get all the deductions you're eligible for.

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VIDEO ON MSN MONEY

348Comments
Jan 17, 2014 12:04AM
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F-ck Obama and his IRS thugs! We need to abolish the IRS and implement a flat tax and a balanced budget amendment. No need to file tax returns, no waiting on a tax return, no redistribution of wealth, no politicians using the tax code to buy votes and everybody paying their fair share including tourists and ILLEGAL ALIENS. This is the only tax reform that would be worth a sh-t.
Jan 15, 2014 10:02PM
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From this year forward, people, the politicians are going to stick you in the eye with an increasingly larger thumb-tack... year after year after year... You'll soon be scraping by on 1% of your annual salary. The rest will be taxed. And look for the politicians to exempt themselves from taxation more and more and more. 
Jan 16, 2014 8:33PM
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With taxocrats in office look for more of your hard earned money to disapear.  The only people who are going to benifit are the welfare junkies, or as everyone else calls them the liberal core voters.
Jan 17, 2014 5:57AM
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Not to mention the 23 new taxes in obummercare...

 

Hurry up obummer you've  only got 3 more years to destroy our country.

Jan 17, 2014 1:27PM
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amazing that we have to refer to the tax as full of traps.. why is it so unfair to all and over burdonsome to complete what should be a simple form???  we should all pay exactly the same % of our income and all share the same deductions no matter how much you make or what you do.  it is a real shame we have to fear our own government
Jan 22, 2014 4:29AM
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Democrats Four Biggest Obamacare Lies

President Obama's famous vow -- "If you like your health plan, you will be able to keep your health plan. Period." -- isn't the only broken promise of ObamaCare.

Now that the Affordable Care Act has actually been in effect for awhile, Americans are discovering more pitfalls associated with the massive overhaul.

Lie #1: "Affordable" Care. Even the president's ideological allies -- like Michael Moore -- acknowledge that the Affordable Care Act is far from inexpensive for most Americans and that it "risks being a cruel joke."

For average Americans, the results are prohibitively expensive. "The cheapest plan available to a 60-year-old couple making $65,000 a year in Hartford, Conn., will cost $11,800 in annual premiums," according to Moore's math, as published in a New York Times editorial. "If both become seriously ill, they might have to pay almost $25,000 in a single year."

The National Federation of Independent Businesses, an organization that represents nearly 11,000 entrepreneurs in New York state alone, said it has yet to find a single member whose health-care costs are going down under ObamaCare. Instead, an "overwhelming majority" of businesses have reported increases in their insurance premiums, said Mike Durant, the NFIB's New York director.

Lie #2: It will prevent people from going into debt.

Patients with cancer and conditions such as multiple sclerosis or Crohn's disease can now get insurance and financial but if annual out-of-pocket costs run much higher than expected, they might have to go into debt.

"There are certainly challenges for cancer patients," said Brian Rosen, a senior vice president of the Leukemia & Lymphoma Society. These gaps "need to be addressed in order to fulfill the intention of the Affordable Care Act."

Caroline Pearson, who tracks the health-care overhaul for the consulting firm Avalere Health, put it in even starker terms.

"Chronically ill people are likely to be underinsured and face extremely high out-of-pocket costs," she said. "While the subsidies help, there still may be access problems for some populations."

Lie #3: ObamaCare will lower costs overall.

The idea that people with medical insurance go to the emergency room less, and thus, help to reduce the overall cost of health care, isn't necessarily true, as a study of Oregon Medicaid recipients has shown.

Researchers compared Medicaid recipients with those with no health insurance and found the following: Pthat people with access to Medicaid went to the ER 40 percent more than those without insurance.

Lie #4: More Americans will be insured.

Approximately 2.8 million Americans have signed up for new health-care plans since the Affordable Care Act went into effect on Jan. 1. That's less than the 3.3 million the federal government predicted would sign up, and is also dwarfed by the 4.7 million whose insurance policies have been cancelled as a result of the overhaul.


Jan 17, 2014 11:40AM
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The biggest tax traps were the past 2 presidential elections.  Going to throw insults out about my comment, well look at your paycheck before Obama took office and the after. 
Jan 19, 2014 8:58AM
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Why people would vote to give more money to the Federal Govt. is demonstrative of how political illerate the Democratic base is.
Jan 16, 2014 9:00PM
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Watch 19 democrats casting votes to leech off your labor.
Jan 22, 2014 5:06AM
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      You know,  I've read some of the excerpts below and it all seems so Familiar,, like from a couple of centuries ago and we peeled off from England Because of it ( TAXATION W/ OUT REPRESENTATION ) I for one feel as though this country is not being represented properly . Seems to me that the American public is being taxed without any say so what so ever, someone tell me how is it that politicians can vote on taking money from you and exempt themselves, I  am truly fed  up with that KIND OF THINKING IN OUR GOVN'T !!  greed is soul wrenching , blinding and so selfish, you can't be selfish and serve the American public, I'm always asking myself ,....why do we keep voting for the same kind butt heads term after term and I know the answer,....cos that's all there is and I'll do just like the rest of you, sit here on my **** and take it like a good ole boy.....
Jan 16, 2014 10:08PM
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For most people $284.00 a year versus $8,000 a year in Affordable Health Care cost. Now who is the dummy?  Wow! That is a savings of $7,716.00 that you can save by not taking Obamacare. Now be sure to put that money into your sock account, so you have it for a rainy day and will not have to pay taxes on it again by putting it into a savings account.
Jan 22, 2014 8:18AM
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Welcome to the new socialist communist America brought to you by Obozo, and his cronies. How's that change working out for you?
Jan 17, 2014 11:45AM
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The way things are headed, there will come a day when there'll be no more tax refunds as they keep chipping away on what you can claim. The U.S. Government is in such hockey up to it's eye balls in it's trillion + debt, you can bet that they'll be finding more and more ways to cheat you out your tax dollars. Many young people who are barely able to survive on what they're making have found the subsidies aren't helping them as much as expected. This is why they don't have the money to pay for Obama Care and they aren't signing up as expected so the money's got to come from somewhere. We the tax paper will have to foot this bill and the refunds is the only place it has to come from.
Jan 16, 2014 10:26PM
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They will take it out of future refunds...and with interest I bet! 
Jan 17, 2014 5:26PM
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The young people in this country are now officially the DUMBEST group of people on the planet .  Thank the lord, sorry i meant Government for such success.
When the tax collector raised the tax on tea, he was SHOT!!!   HUMMM

Jan 19, 2014 6:03PM
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If you donate to the wrong political movement expect a possible retribution. It may be questioning your return more than usual so be prepared to back up your return. Also, they may not honor your amended return properly by ignoring it if it allows a greater refund. They might round up the taxes to be paid and round down the amount paid even if you do accounting to the penny. Last year I had a bad experience and I hope the IRS cleans up its act to not be political.
Jan 22, 2014 7:05AM
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Ah Tax Time. The dreaded time for all Americans.  You have my sympathies Americans.


Jan 22, 2014 9:36AM
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Obama Care is a rat trap not a tax trap that is just another way of leading us of the poor house. These so called leaders in Washington all have a jackass's DNA woven right into their own. The time has come people so lets us use the vote to throw them out !
Jan 22, 2014 8:23AM
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MSN is so confusing!!! 5 days a week they put Al Sharpton on TV to tell use that ALL GREEDY WHITES, (I know that is redundant because if you are white you are greedy by definition) do not pay enough taxes. Now we will ignore he personally is $4.5 million on arrears for this discussion.

Then MSN gives us tax tips to follow to limit our tax liability. Does anyone else find the irony in this?
(the tax tips and Sharpton's message, not the fact that Little Al says I don't pay enough while he pays none)

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Tax's , are you kidding?  Really now?  The elite have great hiding places and only their friends in D.C. know where. Then there is the rest of the countries worker bee's that skip it all together .  Myself, well, my income is from the southern pipeline . All un reported of course. I'm like the mezicans, I pay tax whenever I buy gas, booze and cig's. That's more than fair!  I don't often scratch my roids, but when I do, its when reading msn news.  Stay thirsty my friends
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