Impact on Entrepreneurs
ObamaCare, also referred to as the Affordable Care Act, has been impacting Americans since it was initially passed in March 2010. The act has seen several revisions since that time and continues to evolve. ObamaCare directly impacts taxes and finances for many individuals, particularly the self-employed.
In this post, we discuss how the self-employed are being impacted by the Act.
What’s the Impact on the Self-Employed?
You’ve likely heard about it on the news. Most plans have been cancelled, forcing citizens who are self-employed or who do not get employer insurance to go to a federal exchange (also referred to as the Marketplace).
By purchasing from the exchange, these individuals can avoid any “shared responsibility payments.” In otherwords, they will not be charged a health insurance penalty when filing their tax return. Small employers who purchase insurance from the exchange may also have the potential to receive a tax credit.
However, self-employed individuals (or those who do not receive insurance from their employer) may owe a penalty if they fail to acquire coverage. For more information about the Affordable Care Act penalty, contact a tax professional such as the team at Baker Retirement & Wealth Management, P.C.
Get Help With Your Financial Decisions
The tax experts at Baker Wealth Management, P.C. have been providing financial services and advice to the greater Evansville area for nearly 30 years. We make it our business to understand how ObamaCare impacts you and your finances and can provide guidance for all of your financial decisions, from saving for retirement to choosing health coverage. Contact Baker Wealth Management, P.C. today at 1-866-244-3517.Talk to a CPA for Free