Could You Lose Health Care if You Don’t File a Tax Return?
There’s been no shortage of confusion since the Affordable Healthcare Act became a law. Likewise, there has been no shortage of discontent with the bill, either. Obamacare, as it is widely known, continues to find ways to leave people in the dark not only about their healthcare, but also about their taxes. So what’s the latest issue surrounding Obamacare?
It turns out that some people, who would normally not be required to file a tax return, may actually need to file a return, after all; that is if they want to keep receiving their health care tax credit subsidies. That’s true, according to the new health care law, even if you would normally be exempt from filing a return.
The White House and the IRS are hopeful that the nearly 1.8 million U.S. households that received those tax credit subsidies to help pay their insurance premiums that haven’t yet filed will be asking for an extension very soon. While the monthly average tax credit was only about $270, with nearly nine million taxpayers taking advantage of those credits that is a lot of money to be giving up for next year. Add it all up and it totals about $28.4 billion.
The IRS is reportedly attempting to alert those who might still need to file a return. Therefore, if you receive a letter from the IRS regarding Obamacare make sure you give it a good reading. Of course, you should never throw any letter from the IRS away without reading it first. And if you get any kind of letter from the IRS that you’re not sure about, you can always contact our office at 1-877-CPA-2006.
U.S. Treasury Making Push to Keep More Corporate Taxes Home
For any company considering a tax inversion, the latest news form the U.S. Treasury will likely make it reconsider. Tax inversions, which are used by American companies to reduce their tax bill, occur when a company acquires or opens a subsidiary in a foreign country in order to change its tax address and save…
Why Are the Wealthy Paying Fewer Estate Taxes?
Why Are the Wealthy Paying Fewer Estate Taxes? The estate tax was a hot topic throughout the election process and now that we have a new president-elect it’s sure to get an even closer look when White House leadership changes hands early next year. Or course, both candidates had different views regarding this tax,…
Want to Avoid Taxes in Retirement – Try This
There’s been no shortage of thoughts and opinions regarding Donald Trump’s tax returns since the election process began, especially since his leaked return hit the mainstream media a few weeks ago. One could argue at length regarding those numbers and whether or not they paint a positive picture of Trump and his finances. However,…
How Would Proposed Tax Plans Affect the Country’s Economy?
We’re just days away from the election and it’s likely that most Americans will just be happy that it’s finally over, no matter whom or what they voted for. However, there are some very important things at stake in this election, including how each candidate’s tax proposals would affect our nation’s economy, as well…