Tax season is underway; which means you should start thinking about the tax implications on health reform when it comes to the Affordable Care Act.
If you’ve purchased insurance through the health insurance marketplace, you may be eligible for a refundable tax credit. Fox 23 reports that when taxpayers were signing up, the option was available to estimate their 2014 income to see if it was possible to qualify for credit and have it applied in advanced to the cost of premiums. If this is the case for you and your family, it’s important to actively inform the particular exchange you purchased your insurance through of any changes in your situation throughout the year such as having a child or a salary increase.
Make sure you understand what this means for your taxes, especially if you haven’t enrolled in health insurance under the Affordable Care Act and are planning on it. Don’t forget that the deadline is March 31, 2014. Many people think the deadline has already passed, but there’s still plenty of time! Taxes are due just shortly after the 31st and it will be helpful to know exactly what to expect. To learn more about the Affordable Care Act visit our microsite at www.anylabtestnow.com/health-care-reform-and-you/.
