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What Would An Obamacare Repeal Mean for Your Taxes?

What Would An Obamacare Repeal Mean for Your Taxes?

By on May 5, 2017 in Tax Preparation, Tax Problems, Taxes | 0 comments

No matter what side of the political aisle you fall on, we all must prepare for some changes in the coming years.  One of the big political questions is whether the Affordable Care Act (also known as Obamacare) will be repealed by the new administration.  Obamacare connected your health care to your annual tax return, and all Americans have been following the current tax guidelines since the Affordable Care Act (Obamacare) was enacted.

Current Tax Regulations Related To Healthcare

Currently, all Americans must verify on their annual tax return that they have healthcare insurance.  Specifically, this is requested on line 61 of each taxpayer’s 1040.  If you indicate that you do not have insurance and do not have coverage for more than 3 months, you could find yourself paying a tax penalty.  In addition, if you purchase your health insurance from the Exchange, you may also qualify for tax credits. When tax time rolls around, the Internal Revenue Service (IRS) is looking to be sure that you got the correct amount of financial assistance for your health coverage, so you have to answer some additional questions on your return.\

For the majority of Americans (the IRS estimates nearly 80%) the impact of Obamacare on an annual tax return is minimal (simply indicate that you have coverage).  But, as with most things, this can get complicated for those who do not fit in this majority. And, with Obamacare in jeopardy of repeal, you may wonder how your future returns will be impacted.  Right now, it is just simply too early to tell.  A repeal might mean less required information about your health care on your annual tax return and fewer (if any) penalty for not having insurance. A repeal could have other tax implications that we cannot predict.

Stay Current With Annual Tax Changes

Your best strategy to manage the change that is to come is to be sure that you are up to date on any and all tax changes each year.  One way to make sure that you are current is to partner with a tax firm that can manage this part of the process for you. Success Tax Relief works with many taxpayers all over the country on routine tax preparation so that individuals do not have to keep up with new tax laws and how political decisions impact your annual tax return.  In addition to annual tax preparation, Success Tax Relief can also help with the following tax services:

  • IRS Audits
  • Offer in Compromise Negotiation
  • Installment Agreements
  • Personal Credit Counseling
  • Business Credit

Tax Support When You Need It

Success Tax Relief has extensive experience communicating directly with the IRS on behalf of clients, in an effort to achieve the best possible outcome and alleviate stress for their clients.  Our team is committed to staying current on all tax changes from year to year (no matter how big or small) so that you can spend your time on other things. Call us today at 877-825-1179 for more information or for a free consultation, or contact us online.

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