When preparing to file your taxes in Denver this year, there are important things to consider due to the Affordable Care Act. Here are a few things to keep in mind this tax season:
- You will receive a penalty for not signing up for some type of healthcare – the fee incurred will amount to 1% of your modified gross income or $95, whichever turns out to be more. Your Denver accountant can help make sure you file correctly.
- If you don’t have healthcare, you may qualify for an exemption – Myriad reasons are available in this case, such as hardship, eviction, or medical bills, but these can be time-consuming and fairly difficult to complete.
- Tax credits from the purchase of insurance may need to be repaid (partially) – Most people would be surprised to learn that the subsidy they received after enrolling in a healthcare program may need to be partially repaid. Check with your Denver tax professional to find out what you owe, as this can be a difficult task to navigate on your own.
For this tax season, make sure that the new provisions are a part of your plan. Make sure you seek the assistance in your Denver tax preparation this year.