We are about to start tax season for the 2014 on January 20th. For this reason, tax companies have been showing countless commercials about Obama Care affecting you tax return this year. Here is what you really need to know about your tax return and Obama Care. The truth is more than 80% of Americans will NOT be impacted at all by Obama Care on their taxes. It is just a neat advertising trick to bring in new tax business. So how do I know?
There are only 3 categories of individuals who could be affected:
- If you are uninsured
- If you purchased medical insurance through Obama Care, aka the Exchange, with a subsidy
- If you are a small business owner who claimed a deduction or subsidy
If you’ve had medical insurance throughout 2014, then you have no need to worry. Your taxes will not be changing, except for checking a new box on the form to declare you have medical insurance. I think checking a box is rather easy, especially if you can start ignoring all the advertising from tax companies. You don’t need to worry, you can continue as normal.
However, if you meet any of the above 3 categories, we will need to discuss further. This may be a disruption both to your filing process and your wallet.