Tax Update Accounting Expert

Tax Update Accounting Expert

The Affordable Care Act and What You Need to Do!

For 2015 being not covered will cost you more!

Did you have to pay back last year? You need to check what you are paying in 2015!

Each year your amount to pay will change and cost you more unless you have the same pay each year!

Enrollment is open now check to see if you can save! 2016 will be a higher fee and more employers will need to give out info to you!

Now is the time for employers to activate in full the IRS 125 cafeteria plan.

This includes:

  • Daycare
  • Prescriptions
  • Insurance Premiums we would have paid Co pays and deductibles we would have paid glasses, hearing aids

This will reduce your AGI and thereby reduce the penalties.

Since the insurance rates will necessarily skyrocket as they try and go forward with only low income people signing up, employers who are not willing to do this will lose employees to other employers who will.

An HSA account is reduced from $5,000 per adult to $2,500, but it still is another way to reduce your AGI which in turn will reduce your penalty.

If you do not like this alternative, you need to get vocal and call and write all of your representatives. Vote out all those who want to keep this non-affordable care act!