Tuesday, December 31, 2013

Finding Out About Your Tax Breaks and Credits Under Obamacare

Everybody knows about the healthcare website where you are supposed to sign up for the health insurance exchanges if you don't have adequate insurance.  But for individuals and businesses, those benefits have tax implications, like tax breaks and credits.  How do you find out about those in detail?  With the IRS, of course. The IRS has a page with links telling individuals and businesses about the implications of the Affordable Care Act.  There is also a Q and A page for individuals and businesses. 

For businesses, there is also an independent calculator to figure out the implications of the business tax credit on their taxes--and their employee's health coverage.  The Small Business Majority has a calculator that figures out a business's tax credit under the new law, based on the total payroll, number of employees, and the employer contribution. 

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