Consumers could be repaying the tax credits they received for health insurance

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H&R Block provides some insight into why some consumers will have trouble with their tax filings this year Acclaimed tax preparation company H&R Block has released statistics concerning the impact the Affordable Care Act will have on tax returns. The federal law is meant to make health insurance more accessible and affordable for consumers throughout the country. This is accomplished through the provision of subsidies, which offset the overall cost of health insurance coverage. The problem, however, is that many people will have to repay some of their tax credits.…

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Health insurance penalties are becoming more expensive in 2015

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Penalties for those without insurance coverage are set to rise next year Those without health insurance in the United States could face higher penalties in 2015. Next year will be the first time that U.S. citizens will be required to report whether or not they have insurance coverage to the Internal Revenue Service. Those without insurance coverage will face fines, while those with coverage will avoid these fines. The uninsured could qualify for some 30 exemptions to these penalties, but most people are completely unaware of these exemptions. 3% of…

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Some may avoid tax penalties if they do not have health insurance

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Affordable Care Act tax penalties may not be a problem for some people Some people without health insurance in the United States may not be subject to tax penalties next year. According to the Affordable Care Act, all U.S. citizens must have a certain level of health insurance coverage. If people do not have the adequate level of coverage, they could be subject to fines from the federal government, issued during tax season. Some people may qualify for an exemption from these fines, however, due to provisions of the federal…

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