The Affordable Care Act aka "Obamacare"
HEALTHCARE & THE TAX STORM
Like last tax season, there is a triple whammy for you – the taxpayer. Not only have tax rates increased and the complexity of the code gotten worse, new Affordable Care Act (Obamacare) Reporting and Healthcare Laws will greatly impact the preparation and filing to your tax return. What does that mean for you?
First off, you may not like the government messing around with how you receive your healthcare or you may just be opposed to President Obama in general. But as your tax advisor, I warn you that if you fixate on your anger, rather than on understanding this law, it is going to cost you financially and present a lot of headaches. For now it is the law of the land and it cannot be ignored without a great cost to you. If you want to continue to fight against “Obamacare”, that’s fine. But at the same time be careful all these new rules and regulations don’t bite back.
It is expected there will be an increased scrutiny of returns along with a corresponding increase in the number of IRS audits on individual and small business returns who have never had tax issues in the past.
It does not seem fair, but that is one expected impact of the law, a law that makes filing an accurate return harder than ever. As tax preparers we work year round to keep up with changes in the tax code, but this year the changes keep coming.
What can you do to protect yourself and keep as much of your money as legally possible?
Most people only care about the handful of laws which impact them directly. Ninety-nine percent of the people filing a tax return just don’t have the time to keep up with the volumes of new tax laws and knowing how to apply them takes years of experience.
To be blunt, getting professional tax help in 2014 makes more sense than ever. Don’t be afraid to ask for help.
Our Promise to You: We will do everything in our power as professional tax practitioners to protect you from any extra tax burdens you do not legally have to pay,
Like last tax season, there is a triple whammy for you – the taxpayer. Not only have tax rates increased and the complexity of the code gotten worse, new Affordable Care Act (Obamacare) Reporting and Healthcare Laws will greatly impact the preparation and filing to your tax return. What does that mean for you?
First off, you may not like the government messing around with how you receive your healthcare or you may just be opposed to President Obama in general. But as your tax advisor, I warn you that if you fixate on your anger, rather than on understanding this law, it is going to cost you financially and present a lot of headaches. For now it is the law of the land and it cannot be ignored without a great cost to you. If you want to continue to fight against “Obamacare”, that’s fine. But at the same time be careful all these new rules and regulations don’t bite back.
It is expected there will be an increased scrutiny of returns along with a corresponding increase in the number of IRS audits on individual and small business returns who have never had tax issues in the past.
It does not seem fair, but that is one expected impact of the law, a law that makes filing an accurate return harder than ever. As tax preparers we work year round to keep up with changes in the tax code, but this year the changes keep coming.
What can you do to protect yourself and keep as much of your money as legally possible?
Most people only care about the handful of laws which impact them directly. Ninety-nine percent of the people filing a tax return just don’t have the time to keep up with the volumes of new tax laws and knowing how to apply them takes years of experience.
To be blunt, getting professional tax help in 2014 makes more sense than ever. Don’t be afraid to ask for help.
Our Promise to You: We will do everything in our power as professional tax practitioners to protect you from any extra tax burdens you do not legally have to pay,