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The Affordable Care Act and Your Taxes

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.