How Will Your 2014 Health Care Coverage Impact Your Taxes?

Your 2014 health insurance status will likely have an effect on your taxes this year.

Under the Affordable Care Act/ObamaCare, Americans are now required to include their health coverage status on their tax return and may be subject to a penalty if they did not maintain health insurance for the entire year.

What About Extenuating Circumstances?

There are many circumstances that can affect whether or not you and your family were required to maintain coverage. You may have had an exemption from the Health Care Marketplace, your insurance policy may have been cancelled, or you might have experienced financial hardship; any number of events could have affected your health coverage status.

That’s why it’s important to educate yourself about the Affordable Care Act (which has undergone many changes since it was initially proposed) and to learn about how it impacts you and your family. It’s helpful to arrive at your tax appointment with knowledge about your health coverage in 2014 in hand. This allows the person preparing your return to quickly get answers to any questions about your circumstances in the past year and facilitates the process for all involved.

How Can I Quickly Track My Family’s 2014 Coverage?

This 2014 Health Care Coverage Questionnaire is designed to walk you step by step through the health coverage status of yourself as well as your family in 2014. It is simple to fill out and can help tremendously as you prepare to file your taxes. Because the Affordable Care Act will likely make an impact on your tax return this year, it is highly recommended that you don’t attempt to take the do it yourself approach to filing your taxes this year. Software programs designed to assist you in filing your taxes don’t always know the right questions to ask, and you may miss out as a result.

Ask for a Free Tax Consultation

The experts at Baker Wealth Management are ready to assist you in this time of transition. As our nation’s tax laws evolve, there is one thing that remains constant: our team will always be here ready to help. Having helped hundreds of families and businesses in the Evansville, Newburgh, and Chandler areas, your finances are something we take very seriously. Schedule your risk free appointment with Jeff Baker, CPA, by dialing 1-866-244-3517.