Tag Archives: ACA

The Affordable Care Act comes into play again at tax time. In the simplest of ways, that may include indicating on your tax form that you had health insurance during 2017. Other tax requirements related to the ACA become more difficult from there. When you file your tax return, you’ll have to remain compliant with […]

The Health Insurance Marketplace sells four different types of plans: bronze, silver, gold, and platinum. These four plans provide varying levels of coverage, and the cost varies, with platinum plans being the most expensive. The Second Lowest Cost Silver Plan (SLCSP) is the silver plan that has the second to least expensive available in the […]

Paying for college is never cheap, and students can use all the help they can get. You may be able to alleviate some of the cost of college education through two different tax credits that lessen the amount you owe at tax time. American Opportunity Tax Credit: The American Opportunity Tax Credit (AOTC) allows you […]

As a military service person, you will receive a Form W-2, Wage and Tax statement, like other employees. This form will document your military pay that is subject to taxable income. In cases where you were paid for military service in a combat zone, those wages may be excluded from taxation. Additionally, any commissioned officers’ […]

This year, income tax time can become quite a headache if you’re not familiar with the health insurance requirements. The Affordable Care Act, also called Obamacare, affects just about every American at tax time. This is due to a mandate that requires every taxpayer to have health insurance, along with a subsidy to help lower […]

What is Minimum Essential Coverage?

Minimum Essential Coverage is the health care plan that meets the lowest requirements of the Affordable Care Act, and will help taxpayers avoid penalties assessed for not having insurance. Taxpayers must have minimum essential coverage during the tax year, or they can face a fee for each month that they aren’t covered. However, there is […]

Before you file your 2014 federal taxes, you should be aware of how the Affordable Care Act will impact your return. Depending on if you have health care coverage and where you received it from, you may notice a larger impact this tax season. Many taxpayers have healthcare coverage through their employers, government provided plans […]

Tax Credit for Health Insurance Premiums

Health insurance premiums can be expensive, but thankfully there is a tax credit that can help offset the cost for moderate income families. There are three requirements that must be fulfilled in order to claim the premium tax credit: Health insurance coverage must be obtained through the Health Insurance Marketplace. You can choose a plan […]

High Penalty for Lack of Health Insurance

With the implementation of the Affordable Care Act, Americans who chose to opt out of health coverage will end up paying a rather high penalty. For a five person family with a high income, the penalty can max out at over $12,000 in 2014. This penalty is expected to rise significantly in 2015 and continue […]