The introduction of the Affordable Care Act (also known as ObamaCare or the ACA) has profound tax filing complications for many Americans. It is essential whiling filing 2014 taxes in 2015 that Americans stop and think for a second if they will be affected by the new ObamaCare legislation.
Affordable Care Act Tax Info
Who will not owe ObamaCare (ACA) Penalty? – There is a lot of talk about ObamaCare and the Affordable Care Act in the news. Many taxpayers may wonder if they will end up owning penalties under the ACA. The good news is that it is pretty easy to determine if you will owe a penalty or not under ObamaCare.
Employer Shared Responsibility Penalty – Certain employers are subject to the employer shared responsibility provisions under the ACA.
What is the Individual Mandate? – Beginning in 2014, unless your are covered by an exemption, you are required to maintain basic health insurance coverage (known as minimum essential coverage) for yourself and any of your dependents, or pay a shared responsibility payment (a penalty). The requirement to maintain coverage or pay a penalty is generally called the “individual mandate.”
How Obamacare Is Going To Affect Your Taxes – The Affordable Care Act (ACA or ObamaCare) is changing many things about filing taxes for tax year 2014 in 2015. It is absolutely essential that taxpayers are aware of their new obligations under ObamaCare of they might face penalties for things that could have easily been avoided.
ObamaCare ACA Tax Penalty in 2015 – The Affordable Care Act (ACA) often referred to as ObamaCare is a large reform. Many Americans are now able to receive access to health insurance due to the ACA. However, with the enactment of the ObamaCare laws, there could be potential tax benefits. The Affordable Care Act (ACA) requires most Americans to have health insurance
Claiming Minimum Coverage Exemption – How do you claim a minimum coverage exemption from the healthcare law? Claiming an exemption will vary by the type of exemption. The exemption for religious conscience and most hardship exemptions are available only to go to the Health Insurance Market, also known as an Affordable Insurance Exchange and request an exemption certificate.
What is Considered Minimum Health Care Coverage? – Under the affordable car act, there are new laws regarding minimum healthcare coverage that all Americans must have. Under the Affordable Care Act, the federal government, state governments, insurers, employers and individuals, obtained shared responsibility to modify and improve the availability, quality and affordability of health insurance coverage in U.S..
The guide aims to address the most common issues that taxpayers may face under the affordable care act.