"

Estimated reading time: 2 minutes, 19 seconds

Tax Companies Tout Healthcare Help

Chuck Lovelace, Liberty Tax ServiceTax preparation services are touting plans that will help customers cope with the Affordable Care Act. In the last month, H&R Block said it is providing free online tools and resources while Liberty Tax Service advised taxpayers to get a healthcare check up and TaxAct said its software generates a personalized HealthWatch report.

All this follows a statement by Intuit CEO Brad Smith that for most taxpayers, the ACA offers very little to worry about during tax preparation.

Following tests during the summer, Intuit found among its participating users, "There is a tremendous sense of relief," Smith said during the webcast for the company's first quarter results. "This isn't as scary as people would like you to believe." Smith said most taxpayers will find they simply need to check a box.

But the other parties are publicizing the need to deal with complications. Block said there will be a tax calculator to analyze the ACA's impact on an individual. The tools are available at http://hrblock.com/acataximpact. The tax chain also offers videos and a glossary of terms associated with the healthcare law. Block also gives taxpayers the opportunity to enroll in health insurance plans via another website, http://healthcare.hrblock.com

The Liberty Tax approach is to encourage a checkup, a review of an individual's healthcare status before tax season opens. The company has health insurance agents at many locations to help with enrollment as is providing information at http://www.healthcaretaxinfo.com or (800) 673-8600.

"Just like an annual physical, it's important for taxpayers to get an annual review of their healthcare status," said Chuck Lovelace, VP of ACA for Liberty Tax Service, said in a prepared statement. "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."

TaxAct notes its Free Edition and the Deluxe Edition reflect tax law changes and 2015 ACA calculations. The HealthWatch report is generated after consumers answer what the company says are simple questions about 2014 taxes and health insurance. The HealthWatch report offers a detailed breakdown of 2014 income for a more accurate estimate of 2015 income to help assist recipients of the Advanced Premium Tax Credit. It also includes exemption guidance and an estimated individual shared responsibility payment for all of 2015 based on 2014 household and income.

As it did during last year, TaxAct is partnering with GetInsured, a private health insurance exchange. GetInsured offers web-based tools and licensed advisors who can help consumers who need to apply by December 15 for coverage. The Estimator Tool, available at http://HealthCareACT.com, calculates whether users qualify for the premium tax credit and subsidies to help pay for insurance or for government-sponsored plans such as Medicaid or CHIP.

Read 4514 times
Rate this item
(0 votes)

Visit other PMG Sites:

Template Settings

Color

For each color, the params below will give default values
Tomato Green Blue Cyan Dark_Red Dark_Blue

Body

Background Color
Text Color

Header

Background Color

Footer

Select menu
Google Font
Body Font-size
Body Font-family
Direction
PMG360 is committed to protecting the privacy of the personal data we collect from our subscribers/agents/customers/exhibitors and sponsors. On May 25th, the European's GDPR policy will be enforced. Nothing is changing about your current settings or how your information is processed, however, we have made a few changes. We have updated our Privacy Policy and Cookie Policy to make it easier for you to understand what information we collect, how and why we collect it.