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.
Is The U.S. Really a Low-Tax Country?
Many U.S. taxpayers feel that our country’s taxes are too high, no matter which economic class you’re in. Likewise, regardless of which side of the political world you rest, most people would agree that the U.S. tax system needs some serious upgrading, and not just some fine-tuning. However, it appears that compared to many of…
Will Your Tax Return Draw the IRS’s Attention?
No one wants to experience a tax audit. The good news is that most people never will have to go through that experience. The IRS simply doesn’t have the time and resources to audit every tax return. In fact, the IRS only audits about 1 percent of all returns. That means most people don’t have…
Can a Roth Really Help You Lower Your Taxes?
Patience is a virtue, but will it save you money on taxes? That depends on the situation, but if you’re talking about a Roth IRA, then the answer is typically yes. Traditional IRAs will usually give you an immediate tax savings, while a Roth IRA won’t. However, for those who have patience, a Roth can…
What Are the Wealthy Really Worried About?
At GROCO we work very closely with some of the most highly successful people in the world and because of that we know what makes these types of individuals tick. We understand how they think and how they operate and we offer top notch business consulting to help them be successful. We also know what…