How Does Obamacare Affect Your Tax Preparation?

Unless you have been living under a rock, you are aware that under the new Affordable Healthcare Act (AHA) you are now required to sign up for some form of health insurance or suffer a tax penalty. That means that millions of Americans who have been without healthcare now need to either sign up for the healthcare provided by their work, or they can sign up for Obamacare. Because there are so many tax implications for this new law, tax preparation experts everywhere are finding ways to educate taxpayers about how the Affordable Healthcare Act can affect their taxes.
Some companies have actually included signing up for Obamacare as part of the tax preparation process. It is not federally mandated that a tax preparation firm offer this service, but many companies has begun to include it in their tax preparation service.
The ability to sign up for health insurance as you file your taxes comes because these tax preparation companies have partnered with the companies that are offering the government funded healthcare program, or Obamacare. Not only can they sign you up for healthcare, a tax preparation expert can also help you understand the penalties that you could face if you forego signing up for health insurance.
Signing up for healthcare while you file your taxes actually makes sense because much of the information that you need to provide while filling out taxes is required when you sign up for healthcare. A tax preparation expert has also been trained to know exactly how to fill out the healthcare information so you don’t have to worry about maneuvering through the website or understanding difficult jargon. You’ll have someone who knows the program and can help you enter the information correctly.
There is no better time to take care of you tax preparation and signing up for healthcare. They are both required by the government, so why not complete both at the same time?

Karla Dennis

As seen in Forbes Magazine, Karla Dennis is an expert tax and business strategist. As an enrolled agent, Karla is licensed to represent taxpayers in all 50 states. She holds a Masters in Taxation and Business Development and is the author of two books, Tax Storm and Against the Odds.

Karla, CEO of consultancy firm Karla Dennis And Associates, Inc.™, has saved her clients thousands of dollars and has been featured in various media outlets such as Forbes, MSNBC, KTLA, Yahoo! Finance, and SmartMoney, marking her as the ultimate tax expert.

As of 2014, Karla became the new host on the “Mind Your Business” radio show, KTLK AM 1150, sharing her financial and business knowledge with the greater Orange County and Los Angeles areas. As a supporter of women’s rights and issues, Karla is part of the Women Network, an organization built to educate and mentor women. In addition, Karla is the radio host for Women Network Radio, a show that aims to uplift and empower women of all walks of life.