4 Must-Know Tax Tips About the NEW Health Care Law

With the Affordable Care Act now in effect, you may be asking yourself "how will this new policy affect my 2015 taxes?" And you should be asking this question, as new laws and policies often bring about change when tax season arrives.

Here are four must-know pointers regarding the health care law and how it affects the taxes for individuals:

  1. Most Americans already have qualified health insurance and only have to maintain their coverage through the rest of 2014 to abide by the new laws.

  2. Even if you don't have health coverage through your job or the newly implemented Affordable Care Act, you may still be eligible to purchase insurance through the Health Insurance Marketplace.

  3. When you buy insurance through the Marketplace, you could qualify for an advanced premium tax credit. This credit is meant to lower your monthly premiums and overall out-of-pocket costs.

  4. Upon receiving your 2014 tax return, you'll be asked if you have health insurance or qualified for an exemption. If you answer "No" to both of these, you could owe a shared responsibility payment when you file for your 2015 taxes.

Now that you know this, what should you do?

Well, if you or your family is still without health coverage, you should speak to your employer to see if the coverage they provide is right for you. If it's not affordable or if you want to explore your options, visit the marketplace online at www.healthcare.gov.

Have questions about how your health insurance will affect your taxes? We can help!
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