The Affordable Care Act -- along with its accompanying enrollment Web site and new taxes and tax breaks -- has opened up a host of questions for the taxpaying public, ramping up the usual levels of pre-tax season taxpayer confusion.
“Forty of the 500 provisions in the ACA amend or add provision to the U.S. Tax Code,” reads a primer from The Income Tax School. “Most of the changes that are to be implemented in 2014 have to do with healthcare coverage [that] requires that each person either have the minimum essential coverage, qualify for an exemption or make a payment when filing his or her federal income tax return.”
Among the new taxes is a 3.8 percent surtax on investment income earned in households making at least $250,000 ($200,000 single), and a 0.9 percent additional Medicare tax.
If you need more information, contact Neikirk, Mahoney & Smith CPAs at (502) 896-2999.
No comments:
Post a Comment