Affordable Care Act, Health Care And 2015 Tax Advice From Liberty Tax

Liberty Tax Service is encouraging taxpayers to have a health care coverage checkup before year's end, according to a news release. The checkup is not a doctor's visit, but a review of an individual's health care status before the opening of the 2015 tax season, the first in which the Affordable Care Act, ACA will have tax consequences. Don't miss a thing. Get breaking Santa Clarita news alerts delivered right to your inbox.

'Just like an annual physical, it's important for taxpayers to get an annual review of their health care status,' said Chuck Lovelace, vice president of ACA for Liberty Tax Service. 'This will help them determine if they need to make changes to their health insurance to reduce their tax liability. It will also get them thinking about their insurance options for next year.'

Those who have enrolled in an insurance plan through the Health Insurance Marketplace and have had a change in their lives, such as an increase or decrease in income, a new job with health insurance benefits, or the birth of a child, could also experience a change in any premium tax credit they receive, according to a news release. Taxpayers who receive too little of a credit could miss out on assistance to reduce their monthly premiums. Those who get too much may owe taxes or receive a smaller tax refund.

'For these reasons, taxpayers should review their health insurance plans and make necessary changes before the 2014 tax year closes,' according to officials from Liberty Tax. 'They may also be able to assess how the healthcare law will affect their taxes when it is time to file and adjust their health insurance plans, if necessary, for next year.'

The Health Insurance Marketplace will offer open enrollment November 15, 2014 through Feb. 15, 2015.

Liberty Tax Service anticipated the complexities of the new healthcare law and has added a wide range of services to help taxpayers, including a free health care review, according to a news release. Liberty also has health insurance agents available at many locations to help those who need to enroll in health insurance for 2015.

Taxpayers can also visit their website here or call your Local Liberty Tax Service office @ 661 296 1000

Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com. About Liberty Tax, Inc.

Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers.

Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.