By now I'm sure most of you have heard at least a little something about the tax changes in relation to our new healthcare system.
The basic run down is if you don't buy insurance or qualify for an exception, you will owe a Shared Responsibility Payment on your annual tax return. Depending on family size and income this can get pricey. But what makes it even more expensive is that your tax preparer now has additional (and complicated) forms to complete to ensure that your return is accurate.
So not only is it possible for you to have a smaller refund or larger amount due but you'll also be paying more in tax prep fees this year. Try not to take it out on your tax person, though, its really not our fault. We are obligated to follow the law and we do our best to minimize the tax sting every year.
Remember the penalty only applies if you weren't covered by a healthcare plan.
For more information visit the IRS website's ACA page. If you need to enroll in a healthcare plan for 2015 visit Healthcare.gov or Covered California if you are a California resident.
And of course, you can always contact me with any questions!
Welcome to 2015!
The basic run down is if you don't buy insurance or qualify for an exception, you will owe a Shared Responsibility Payment on your annual tax return. Depending on family size and income this can get pricey. But what makes it even more expensive is that your tax preparer now has additional (and complicated) forms to complete to ensure that your return is accurate.
So not only is it possible for you to have a smaller refund or larger amount due but you'll also be paying more in tax prep fees this year. Try not to take it out on your tax person, though, its really not our fault. We are obligated to follow the law and we do our best to minimize the tax sting every year.
Remember the penalty only applies if you weren't covered by a healthcare plan.
For more information visit the IRS website's ACA page. If you need to enroll in a healthcare plan for 2015 visit Healthcare.gov or Covered California if you are a California resident.
And of course, you can always contact me with any questions!
Welcome to 2015!
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