Who Form 1094 B Deduction 2023-2024

Hi, my name is Bruce Roth and today my guest is Dave Hora del Dave. Dave is an enrolled agent and the founder of Torchlight Tax and Financial Services. Dave, can you tell us about the implications of the Affordable Care Act for taxpayers? Well, if you don't have health coverage, the IRS is going to find you and you'll be penalized for not having it. The penalties have significantly increased this year, so you'll have to pay more in taxes if you fail to get health care. However, people with low incomes may have the penalty waived. There are also certain circumstances in which the penalty can be waived. For example, if you were at risk of eviction and can provide evidence to the IRS, they may forgive the penalty. Similarly, if you experienced financial stress during the year and couldn't afford health insurance, you can attach the proper form to your tax return and it may be forgiven. It's worth noting that the IRS does not take collection action based on the ACA, except for holding on to your refund check. So if you want to arrange your taxes in a way that minimizes what you owe for the ACA, you can hold on to your refund. However, it's important to be cautious because the IRS may try to collect the next year. It's like walking a tightrope; you have to be careful. Ultimately, playing games with your taxes may not be worth the trouble. Some people argue about the injustice of being required to purchase health insurance when they're healthy and feel they don't need it. While there is a philosophical point to be made, it's also important for people to understand the benefits of getting health insurance. There are individuals who may genuinely need it and are low-income, and the government...