Obama Care Tax Laws Effective January 1, 2014
The much spoken about Obamacare is going to really change the face of America for the long-term. Whether you support the move or think it’s only going to cause problems, the important thing is that you understand the entire process. It is going to make quite a few changes to the United States from the first of January, so make sure you are ready to take advantage or control these changes.
Over the next ten years, it is hoping that Obamacare can help produce $500 billion in additional funding for the country, while making life for easier for those at the moment who cannot afford health care.
Obamacare will change a lot of things, and the 21 new tax increases and decreases are going to affect everybody in some capacity. Therefore, fully understanding what they mean for you is very important. We want to try and look at the main effects of the ObamaCare process and how you can prepare for these changes next year.
Roughly 85% of Americans that have health insurance won’t see a big difference in their prices. However, this will affect specific groups differently and individual circumstances will dictate how much more or less you will be paying.
However, the other 15% will be affected by the introduction of the Individual Mandate, which is the requirement to buy health insurance, and the Employer Mandate which requires all large employment firms to insure full-time employees. Finally, Tax Credits will reduce premiums for families and small business, which will greatly affect the majority of the 15%.
The new changes will affect a lot of Americans, as the changes to the limits of medical tax deductions between set by MSAs, HSAs and FSAs. As well as this, small businesses are encouraged to offer healthcare to their staff by taking out cost-effective premium plans for groups. By doing so, they can receive money off in the long-term which could lessen the cost.
The problem is that many people who simply cannot afford medical insurance at the moment are now obligated to buy it. This could put a lot of people under further financial pressure, so if you are struggling with the upcoming changes from Obamacare, and need some tax relief help, the contact us today.
We can offer you some sound advice to help you get some tax relief assistance. These new changes are very confusing and even some of those involved do not fully understand the process, so there is no issue with having to learn the process from the start. If you have any queries or fears about the changes that Obamacare could make to your potential to earn or survive, then contact us http://taxreliefsystems.net/contact-us/ for immediate assistance.