Many people are upset about the fact that the Health Care Act requires people to be insured. This is because failing to do so means that the government can penalize you at tax time. Before you get upset about something you do not fully understand, continue reading and gain more insight.
The main thing that people do not realize when it comes to health insurance is the fact that you do not necessarily incur a penalty if you do not have it. It depends on how much you made over the course of the year and the availability of policies that were affordable. For instance, if you are a single parent with multiple children and a minimum wage job, it is not likely you will be able to afford the cost of a family policy, which means that you will not have to pay a penalty at year’s end.
If your employer offers insurance that is far too expensive, you can try purchasing coverage through the marketplace that is available to everyone in the US. This can help you get insurance without having to worry about paying premiums that are way above your head. There are many people who have done this and received reasonable rates.
In the event that you are required to pay a penalty, it may actually be less than the premiums you would pay if you were insured, so financially it could make sense. If you are reasonably healthy, it can actually be a good idea to pay the penalty and forgo insurance, but that is certainly a personal decision.
Now that you know more about insurance and how it affects taxes you can breathe a sigh of relief. It is much easier to handle things like this once you are informed.
If you need more advice and help with your taxes visit https://deanhineslawyer.com/tax-attorney-columbus-ohio/ and contact the expert lawyers.