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Early tax planning may be needed because of the Affordable Care Act
Source:
washingtonpost.com
- Aug 28, 2014
Having gone through tax season not that long ago, you may not want to face any issues related to your tax situation until next year.
But some of you may need to do some tax planning now nonetheless. It has to do with the Affordable Care Act.
So here’s the deal. If you bought insurance through a federally run or state-run health insurance exchange, also known as the health-care marketplace, you may have received financial help with the monthly payments. This premium tax credit helps offset the cost of your insurance and is intended to make premiums more affordable.
Once you have coverage through the marketplace, you have to report to the exchange if you’ve had a life change such as an increase or decrease in household income, or if you’ve had a baby, gotten married or divorced.
You can find a list of events that can affect your coverage or premium credit by going to HealthCare.gov. On the homepage, click the link for individuals and families. Under the “Take Action” section, click on the link that says, “Report income or life changes.”
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Category: General Business
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