Affordable Care Act and Your Tax Refund Modest Money4 Comments

As the old saying goes, “The only guarantee in life is death and taxes.” While it may only be October, it is never too early to worry about your taxes.

Customers counting on their tax refund to catch up on bills, bolster their bank account, or just to buy themselves (or their family) something nice may be one of millions of Americans utilizing tax credits to help with the new health insurance premiums that follow the
Affordable Care Act. For them, it is definitely not too early to worry about taxes.

Should 2014 income end up higher than what originally expected upon signing along the dotted line for health insurance, a series of interconnected ties between the new health care laws and taxes may result in a reduced refund, or erase it completely. Something as
mundane as more overtime, a slight raise, higher sales and commissions this year than last can trigger unwanted responses when your tax refund is concerned.

The catch is when a worker’s income increases, their ability to qualify for additional tax credit decreases, or ceases completely. Whatever the difference is will be ripped from the refund, which results in not being able to purchase that new flat screen television, put…

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This entry was posted in Financial Advice, and tagged , Modest Money4 Comments
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