by: Diane Benjamin
Yes, today is supposedly the last day to enroll in ObamaCare. The media tells people armageddon will occur if you don’t comply and Get Covered.
Here’s the truth: You will NOT have to pay penalties unless you get a tax refund! You won’t get a bill, the IRS won’t put a lien on your house, and you will not be arrested! Don’t get a refund – don’t pay. Just change your exemptions so you don’t qualify for a refund. The law would never have passed without this condition, at least a few Democrats were smart enough to demand it.
More truth you aren’t being told:
If you are being treated for an illness, your insurance company CAN NOT cancel your insurance – not even under the (Un)Affordable Care Act! Public Law 104-191 was written and passed by Congress in 1997 to protects Americans from insurance cancellations.
Read more here: http://csteventucker.wordpress.com/2013/11/13/the-truth-about-preexisting-conditions/
If your insurance has been canceled while you were being treated, I know the writer of the above article. Contact me!
.
.
.
So say you are scheduled to get a refund for around $1,000 but you don’t want to buy a health insurance plan under the PPACA. You recommend as a CPA that you should forgo your refund and paying the fine (around $100 in the first year or whatever % of income) and not pay the fine by changing your exceptions so you don’t qualify for a refund in the first place? Therefore you would be giving up $900 in a tax refund that the gov’t would give you back and instead receive nothing.
This sounds like terrible advice. I hope you don’t screw over many of your customers/clients next year around tax season by telling them this.
Change the number of exemptions now so you don’t get a refund! See your HR department!
All I’m asking is if your refund is larger than the PPACA penalty, wouldn’t you rather just pay the penalty (which is rather small in the first year) than change your exceptions and not pay a penalty and not receive a refund? Do you get what I’m asking?
This is of course is an issue for tax season next year because the PPACA doesn’t affect 2013 taxes.
Why pay a penalty at all? Just claim enough exemptions or deductions all year so you owe a little next April 15th. No penalties EVER!
Here is what happened on January 1, 2014 thanks to Obamacare:
Top Income tax bracket went from 35% to39.6%
Top Income payroll tax went from 37.4% to52.2%
Capital Gains tax went from 15% to 28%
Dividends tax went from 15% to 39.6%
Estate tax went from 0% to 55%.
Remember this fact: if you have money, the democrats want it!
These taxes were all passed only with democrat votes, no republicans voted to do these taxes.
These taxes were all passed under the affordable care act, otherwise known as Obamacare, should be called Obama don’t care!
http://www.investopedia.com/articles/personal-finance/020714/new-taxes-under-affordable-care-act.asp
http://taxes.about.com/od/Federal-Income-Taxes/fl/Federal-Income-Tax-Rates-for-the-Year-2014.htm