Then you’ll want to check out Taxapalooza on January 7. It’s our national party to celebrate the opening of the 2015 tax season. More than 1,000 Liberty Tax Service offices across the country will take part in the celebration. Use our office locator to find a participating office nearest you.
The festivities will include food and giveaways and all kinds of things for the people in Liberty’s local communities. Lady Liberty will be there, too.
More importantly, Liberty will offer free advice and information on the Affordable Care Act (ACA), also known as Obamacare.
ACA is a game-changer
The 2015 tax season marks the first time that all taxpayers will have to let the Internal Revenue Service know whether they have health insurance. Those who do not have insurance or a coverage exemption will pay a penalty on their 2014 taxes. For 2014, the penalty is 1 percent of annual taxable household income or $95 per adult and $47.50 per child under 18, whichever is greater.
Those who do have insurance and receive tax credits to help them pay their insurance premiums will also be faced with new forms and other paperwork this tax season.
That’s not all, the penalty for not having insurance increases in 2015. Those without insurance or a coverage exemption will pay 2% or their annual taxable household income or $325 per adult and $162.50 per child under 18, whichever is greater.
Liberty can help
Liberty knows this tax season may be challenging for many taxpayers. That’s why we wanted to get it started with a bang. Come out and join us for the party – our biggest ever. We’ve more than tripled the number of Liberty Tax offices participating in our national roadside party since last year. That’s no surprise given our CEO’s work. John T. Hewitt has brought in over 5,000 franchisees in his career – 5,000.
If you miss it, you can always visit your nearest Liberty Tax Service for answers to your ACA and tax questions. Liberty Tax Service has a team of certified tax preparers who understand ACA rules and will work to make the merger of health insurance and income tax preparation a seamless process for customers.
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.