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Get ready for the Affordable Act Tax now

Thursday, January 17, 2013 - 12:20pm

TYLER,TX.(KFXK) — As Americans start getting their tax information ready before the April 15th deadline, there are new looming questions they should be asking their tax professionals.

"Starting in October of 2013 the health care exchange will open for citizens to be able to get their health insurance if they don't already have it" said Debbie Wallis from H&R Block in Tyler.

So here is what you need to take care of first.

"Filing your tax return is the first step because that's what the IRS is going to use to determine whether you qualify for a subsidy or not" said Wallis.

Employers with 50 or more employees must provide health coverage.

But if that doesn't apply to you, now is the time to start making necessary arrangements.

"They need to be starting to look around for health insurance and be thinking about their budget and planning ahead because everyone will be required to have it or be penalized because they don't have it" said Maureen Parkhill from Liberty Tax Service in Tyler.

Steep penalties.

For example: an uninsured family of four making around $22,000 a year could be penalized 9.5%.

Which is why tax professionals say to get prepared now, because in 9 and a half months, it could be too late.

 

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