MILLIONS Unaware That Obamacare Will STEAL Their Refunds!

Tuesday, January 20, 2015
By Paul Martin

Right.is
Tuesday, January 20, 2015

Being a tax preparer for 30 years, it’s my job to research all of the changes in tax laws so that I can better prepare my clients for what to expect and how to plan their financial strategies, in order to pay the least amount of taxes allowable by law. This year, by far, will turn out to be the most complicated and the most expensive for taxpayers everywhere. Those who are used to preparing their own tax returns each year, will be unable to do so because of the complexity added to the tax code in regards to Obamacare. Many who expect a tax refund will be rudely awakened to the new reality. Most will be shocked by just how much it will cost them, over and above the high cost of yearly premiums. To add fuel to the fire, these additional taxes and penalties will be enforced by the Internal Revenue Service, an agency that few trust and even fewer believe in.

All of this comes at a time when the IRS has publicly stated that they will not be able to be as efficient and accommodating as in previous years. The agency has warned that refunds may be delayed and Customer Service phone lines may not be able to take calls from taxpayers as promptly as once done. Up until this year, the average wait-time for taxpayers to ask questions was four minutes. But because of Congressional budget cuts, that wait-time this year may be extended to 30 minutes. No one really knows how long it may take to process and issue refunds, but it has been implied that it WILL be longer than usual.

There are two main aspects contributing to all of the changes, complexity, and additional paperwork, one that has been expected and the other which is totally unexpected. First, is the penalties for not having health insurance. We were told that the penalty was only $95, so many opted to just pay the penalties because they could not afford the high cost of premiums. But that’s not completely true. That penalty of $95 is only for single taxpayers and is only part of the calculation. The actual penalty is $95 OR 1% of gross income, WHICHEVER IS GREATER. So, as long as you are single and make less than $9500 in gross wages, that is true. BUT, if you are single and make $25,000 in wages, YOUR penalty will be $250. If you are single and make $50,000, YOUR penalty will be $500. That same penalty increases for this tax year (2015) to $325 for a single person OR 2% of total gross income, WHICHEVER IS GREATER. And of course, the penalties are higher if you are married, filing a joint return.

The Rest…HERE

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