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2016 Tax Olympics: Dealing With Obamacare Tax Credits and Penalties (Day 7)

2:15 AM Jamaal Solomon 0 Comments Category :






2016 Tax Olympics: 
Dealing With Obamacare Tax Credits and Penalties (Day 7)


To be honest with you, I hate politics in general. I hate all types of politics from Washington, DC to bullshit fantasy football league politics. Therefore, lets call the Obamacare Act by its real name which is The Affordable Care Act. The Affordable Care Act contains comprehensive health insurance reforms and includes tax provisions that affect individuals, families, businesses, insurers, tax-exempt organizations and government entities. As with all Acts passed by Congress, there will be winners and losers. I will not use this blog post to discuss my personal view on the Act or Congress. This post will discuss how to best deal the Affordable Care Act. I will share with you the ultimate cheat list. Not in as cheat the government but cheat to find the answers quicker. I'm not trying to go to jail for you! However, if you are too lazy, not even the cheat list will help you. If too lazy, just hire an tax professional to do the research for you. I'm not here to judge. No matter what decision you make, please learn the basics of the Affordable Care Act.

BRONZE MEDAL 



SPOILER ALERT......ALL THREE MEDALISTS COME STRAIGHT FROM IRS.GOV WEBSITE!!!

Sometimes it is best to eliminate all the noise and go straight to the main source. In this case, the main source will be irs.gov.  The IRS website has a wealth of information regarding the Affordable Care Act. They have webinars, graphics, articles and videos. So you have no excuse saying it is too difficult to understand. Here is a good link where to start your research....

Health Care Tax Tips from IRS.GOV



SILVER MEDAL




If you took my advice on starting your research on irs.gov, you will notice there is a link to healthcare.gov. This is a great site to learn about health care plan options and how to deal with them. This site has a Frequently Ask Question page. To make it even easier for you, below is the link:

Healthcare.gov FAQ page



GOLD MEDAL



Stick with me....did you finally check out the irs.gov website yet? If not, hopefully this final point will convince you. What if I do you that there is a page with answers to most Affordable Care Act tax scenarios? Would you believe me or doubt me? Thankfully, your response doesn't matter to me because I love you and will still help you. Here is a direct link to the ultimate Affordable Care Act tax scenarios:

How Affordable Care Act Affects Your Taxes

Stay tuned for tomorrow's Day 8 event: How to deal with a tax audit




Name: Jamaal Solomon

   




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