Tuesday, January 13, 2015

Tax time will hold surprises for many

For many people, tax time will hold some big surprises. These won't be pleasant surprises, either. 

Those who were uninsured and didn't have an exemption in 2014 may be facing tax penalties. If they continue to go without insurance or have a qualified exemption in 2015, the tax penalties for this year will be even stiffer than last year's.

      (The penalty for not having qualified insurance in 2015 
       will be $325 per individual, $162.50 per child or 2% 
       of your income, whichever is more.)

Many people will not be aware of these penalties until they file their tax returns in April. By then, they will have missed the deadline to enroll in Affordable Care for 2015 and will have a very hard time avoiding the penalties - and may face fines for being uninsured in both 2014 and 2015.  

If you or someone you know still doesn't have health insurance, let me help you get started. Call me at 440-255-5700 or email me at lmutsko@mutskoinsurance.com today. Subsidies may be available but you have to apply in order to find out what this means for you.

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