I want to let as many people know that our President has helped small businesses!
Let that sink in.
I didn't think he had it in him, when in 2010 the affordable care act was passed, I didn't realize that this simple act of demanding that everyone have health care insurance, would lead to such a complicated trail of paper work that they would need the IRS to manage it. In managing that paper work the IRS has doubled the complexity to a point were return preparers like myself will have to increase our rates thus adding to our bottom line. Thank you Mr. President.
You see when you prepare your income tax return you will need to prove you have health insurance. Not so easy for 2014 as only those who applied through the healthcare.gov website and are eligible for a credit will have the forms necessary. The rest of us will have to wait another year. But don't worry the penalty is here waiting for you.
Oh, you didn't apply for health care and think your penalty will be $95. Think again, your penalty might be as much as 1% of your household income. I say it that way because you have to include the income of anyone one you can claim as a dependent. Have an adult child that isn't in school but has 5,000 in income? Have to add it in. Plus the $95 is per adult ($47.50 for under 18).
Now the government has exemptions. Did you apply for them? No. Well if you do so on healthcare.gov it will take 60-90 days to get an answer and if you don't like it there is an appeals process. Or you can file for the exemption with your tax return. (Ah, I can hear the money in your pockets rolling my way for assistance)
You will just need proof of things like evictions, bankruptcy, high unpaid medical bills, foreclosures, incarceration, death of a close loved one. (Not sure if that uncle that lives in Washington State counts).
There are a few other ways to see if you are eligible for a hardship exemption buy you will have to pay me to find out.
Thank you and good night.