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KF Tax & Accounting, P.C.

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Obamacare and Your Income Tax: How the Affordable Care Act Impacts You

Posted by kftaxaccounting2014 on October 17, 2014 in Uncategorized | 1 comment

It’s been a contentious subject for sure, but the health care law commonly referred to as Obamacare includes provisions you need to know and understand, especially as 2014 draws to a close and next year’s tax filing season is on the horizon.

No matter your opinions about the law formally called the Affordable Care Act (ACA), it’s important to separate fact from fiction about the law when you file your 2014 income tax return.

What’s the Impact of the ACA on Your Taxes

Within the ACA is a provision known as the “Individual Shared Responsibility Provision.” This is the portion of the law that contains requirements about the level of insurance you must maintain.

If you are eligible for an exemption, you aren’t required to maintain the specified level of insurance. (Click here to check if you qualify for an exemption.)

Otherwise, you either need to have the minimum level of coverage or be prepared to include an “individual shared responsibility payment” when paying your income taxes.

Click here to calculate the correct individual shared responsibility payment if you need to know how much this will change your 2014 tax return.

As contentious as all the talk about this has been, most health insurance plans provided through the government, through employers, or purchased through the individual market meet the minimum standards defined within the Affordable Care Act. If you get your health coverage through one of these channels, it’s highly likely your coverage meets the standards of the law.

Tax laws change regularly, and with this being the first year of the ACA being in effect, it’s important to make sure you file your 2014 income tax return correctly. Contact our office and let us help you with your tax questions so you can have peace of mind knowing your taxes are filed correctly.

Director, Tax and Accounting
Tax Accountant specialized in Tax Accounting, IRS Representation & Resolution of Complex Tax Matters, Individual and Corporate Tax planning, and Tax Advisory Services.

Specialties: Tax Resolution, Tax Planning, Financial Planning and Analysis, Budget Management, Payroll Management, Cost Management and Optimization, SAP, Oracle, Hyperion, PeopleSoft

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