2016 tax season: 10 important changes and tips + 10 wacky deductions

To help you get the most out of your returns, here are a few important changes for the 2016 tax year.

5. The Affordable Care Act (ACA) penalty doubles this year

Courtesy of Centers for Medicare & Medicaid Services/File
Healthcare.gov, where Americans can sign up for insurance under the Affordable Care Act is pictured on a laptop screen.

Under the ACA – which could soon be repealed – anyone without health insurance for more than three months of the year has to pay a penalty at tax time (unless you qualify for an exemption). So if you didn’t have health insurance in 2016, you owe the IRS $695 per adult in your family, or 2.5 percent of your income, whichever is higher. That’s a big step up from last year’s penalty of $325 per person, or 2 percent of income. The penalty for kids is half that for adults, or $347.50 per kid.

President Trump's first executive order calls the individual mandate into question, but it is not yet clear whether that will affect the 2016 tax year.

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Dear Reader,

About a year ago, I happened upon this statement about the Monitor in the Harvard Business Review – under the charming heading of “do things that don’t interest you”:

“Many things that end up” being meaningful, writes social scientist Joseph Grenny, “have come from conference workshops, articles, or online videos that began as a chore and ended with an insight. My work in Kenya, for example, was heavily influenced by a Christian Science Monitor article I had forced myself to read 10 years earlier. Sometimes, we call things ‘boring’ simply because they lie outside the box we are currently in.”

If you were to come up with a punchline to a joke about the Monitor, that would probably be it. We’re seen as being global, fair, insightful, and perhaps a bit too earnest. We’re the bran muffin of journalism.

But you know what? We change lives. And I’m going to argue that we change lives precisely because we force open that too-small box that most human beings think they live in.

The Monitor is a peculiar little publication that’s hard for the world to figure out. We’re run by a church, but we’re not only for church members and we’re not about converting people. We’re known as being fair even as the world becomes as polarized as at any time since the newspaper’s founding in 1908.

We have a mission beyond circulation, we want to bridge divides. We’re about kicking down the door of thought everywhere and saying, “You are bigger and more capable than you realize. And we can prove it.”

If you’re looking for bran muffin journalism, you can subscribe to the Monitor for $15. You’ll get the Monitor Weekly magazine, the Monitor Daily email, and unlimited access to CSMonitor.com.

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