IRS Releases Health Care Exemption

The IRS just released a new publication designed to simplify the information about the Affordable Health Care Act (ACA). Pub 5172 is one page long. Take a look at it. I am pretty impressed. It is listed all on 1 page.

If you need assistance with your exemption form. Give us a call today at 909-570-1103

Carlos Samaniego
HealthCareTax Advisor

ACA penalties could Double this year for you!

The penalty for not having insurance will, at minimum, double.
Lastly, if you choose not to purchase health insurance in 2015 be prepared to open up your wallet significantly wider than you did in the previous year.

Source: StockMonkeys.com via Flickr.

If you recall, penalties for violating the individual mandate – the actionable component of the ACA that requires citizens to purchase health insurance – in 2014 was the greater of $95 or 1% of your annual income. In 2015, those penalties will jump by somewhere between 100% and 242%, with the non-compliance penalty being the greater of $325 or 2% of your annual income.

On a side note, keep in mind that you won’t be taxed 2% of your annual income if you make a million dollars for example. The most you are on the line for as a citizen is the annual cost of a bronze-level plan. Similarly, there are a number of ways a citizen can be exempt from this penalty, including situations where there is an economic hardship, as well as in situations where you’d be forced to pay too much of your annual income toward your healthcare premiums. The point being, if you aren’t planning to sign up for health insurance, prepare to pay a steeper fine when you file your taxes in April 2016 for the 2015 year.

Articles reposted from: http://www.fool.com/investing/general/2014/09/20/3-things-you-need-to-know-about-enrolling-for-obam.aspx

VIDEO: Scam Alert – Email from the IRS

Warning: This is an urgent message about two major scam alerts that is coming from the IRS. They scams are coming via email and telephone.

Today I want to talk with you about the email scam alert. The IRS is aware of these emails going out and have put out this official notice!

New Email Phishing Scam: “Update your IRS e-file” 

The IRS has been alerted to a new email phishing scam. The emails appear to be from the IRS and include a link to a bogus web site intended to mirror the official IRS web site. These emails contain the direction “you are to update your IRS e-file immediately.” The emails mention USA.gov and IRSgov, though notably, not IRS.gov (IRS-dot-gov). Don’t get scammed. These emails are not coming from the IRS.

Taxpayers who get these messages should not respond to the email or click on the links. Instead, they should forward the scam emails to the IRS at phishing@irs.gov. For more information, visit the IRS’s Report Phishing web page.

The IRS does not initiate contact with taxpayers by email, texting or any social media.

Automatic Enrollment

Did you know that you’ll automatically enroll in the same plan unless you do something about it.

Here’s something I’d venture a guess you probably didn’t know: If you don’t opt out of your existing health plan or choose a different plan, you will be automatically enrolled in your existing insurance plan for another year.

If most Americans are anything like me (where they tend to let their bills be paid by auto-debit) it’s quite possible we could have a number of surprised auto-enrollees.

In addition to auto-enrollment, the premium you’ll pay is likely to change. Right now you’re probably thinking, “Tell me something I don’t know!” Well here’s that something: if you enrolled in the cheapest bronze plan you could find in your state last year there’s a really good chance that your plan is no longer the cheapest this year.

According to a recent study released by the Kaiser Family Foundation, out of the 16 locales it’s received complete premium data on (15 states plus Washington D.C.), 12 had a new lowest-priced plan for 2015. The reasoning behind these fluctuations likely has to do with the emergence of additional competition on the exchanges as well as having a number of first-time participants in the individual insurance market last year that have had to adjust their pricing for 2015.

The lesson here is that if you’re trying to pay close attention to your premium costs in 2015, you’ll need to be proactive about searching the exchange in your state for the best rates.

If you don’t like your plan, want to change your plan, just give us a call.

This Years Open Enrollement is Nov 15. 2015

The first big change that you may or may not be aware of is that the open enrollment date is much later this year than it was last year. If you recall, Oct. 1 was the first day you could enroll for 2014.

This year Nov. 15 will be the official kickoff for 2015 enrollment. 

This is 6 weeks later than last year!

In other words, you only have three months to enroll in 2015!