TAX PREPARER AND OBAMACARE OPPORTUNITY
The Tax Season on 2014-2015 will now bring an additional responsibility for tax preparer: Educating their customers about the Obamacare and how it relates to their taxes.However, most tax preparer are not ready for that.
Most customers are not even aware that it is a law to have insurance either privately or through Marketplace (Healthcare.gov). There are two important facts of Obamacare that is related to tax preparation. The first is if the customer does not have insurance they will be penalized $95 per adult in the family or 1% of the household income, whichever is greater, but not more than $10,150 for taxpayer filing Single or $20,300 for couples filing Married Jointly. The second fact that is important is the customer may owe money if they received too much subsidies to pay for their coverage through Obamacare. In both of these cases, the customers refund maybe affected, making it important for the taxpayer to explain this to their customers.
The Big 3 Tax preparation franchises (H&R Block, Jackson Hewitt and TurboTax/Intuit) have partnered with Health Insurance brokers to help their customers understand their health care needs and sign up for coverage if needed.
Maxim Tax Services have also partnered with a national Health Insurance Agency that can help your customers understand their health coverage needs and also help them sign up for healthcare. This partnership will also help Maxim Partners earn some referral fees for any customer that signs up through them.