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.
Collecting Classic Cars with Ardel Brown
Collecting Classic Cars with Ardel Brown Alan: I’m here today with Ardel Brown and we’re going to be looking at his car collection today. Alan: Ardel this is quite the man cave that you have here Ardel: Well it’s taken a little while to get it developed and fill it up, but it’s pretty full…
Study Shows Benefit of Lower Corporate Taxes
Study Shows Benefit of Lower Corporate Taxes Raise taxes on big business! That’s the cry of democratic lawmakers. Democrats argue that keeping the corporate tax rate high will help increase income for workers. While it’s true that wages have basically remained stagnant over the last decade, and the cost of living has gone up, increasing…
Costly Tax Mistakes Entrepreneurs Have to Avoid
Costly Tax Mistakes Entrepreneurs Have to Avoid Anyone can get into trouble with the IRS, including businesses. It seems as though entrepreneurs are especially susceptible to tax troubles, many times because they simply aren’t aware of all the tax pitfalls that lay ahead. However, many of these mistakes can be easily avoided. The key is…
Will the Wealthy Start Exiting California if Tax Hikes Are Extended?
Will the Wealthy Start Exiting California if Tax Hikes Are Extended? Just about everyone is aware that California has one of the highest tax rates in the country. So it wasn’t much of a surprise when voters passed a temporary tax increase back in 2012 that raised the state’s marginal income tax rate to 13.3…