Healthcare

Did You Buy Your Health Insurance From the Government Marketplace in 2014? 

Did You Buy Your Health Insurance From the Government Marketplace in 2014? 

If so, your tax return will no doubt be significantly more complex than last year's return. Why? you ask. Well for starters, you were most certainly awarded an insurance subsidy based on your estimated income for 2014. However, the actual subsidy is based on your actual family income and how much the government thinks you should pay toward your own premiums through a very complex computation. The actual subsidy must be reconciled with the subsidy paid in advance to reduce your premiums, and you may be required to repay a portion of the advanced subsidy. On the flip side, you may be entitled to a larger subsidy that is refundable on your tax return. But that is just the tip of the iceberg. If your family circumstances changed during the year, such as through a divorce, separation, marriage, or changes in dependents, an additional layer of complexity is added.

There could be big bucks riding on doing your return right and lots of grief with the IRS if it is done wrong. This is not the time to try self-preparation with do-it-yourself software or rely on part-time preparers at one of those tax mills.  

Do yourself a favor by seeking professional tax help at www.TaxBuzz.com.

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Lee Reams II

Lee Reams II

CEO

I am a tax and business news junkie who has spent the last 20 years developing and executing "best in class" word-of-mouth marketing campaigns for tax and accounting professionals. With TaxBuzz and CountingWorks we have taken that same commitment to quality content directly to the consumer. Keeping you up-to-date with the latest tax law changes, business growth tips and planning strategies to help you reach your best financial outcome.

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