|Tax Refunds at Risk due to ObamaCare|
|by Tom McGregor||Sun, Aug 24, 2014, 09:10 PM|
ObamaCare regulations could mean lower or no tax refunds for U.S. citizens.
According to the Houston Chronicle, "Taxes? Who wants to think about taxes around Labor Day? But if you count on your tax refund and you're one of the millions getting tax credits to help pay health insurance premiums under President 's law, it's not too early."
George Brandes, vice president for healthcare programs at Jackson Hewitt Tax Service, is quoted as saying that, "More than a third of tax credit recipients will owe some money back, and (that) can lead to some pretty hefty repayment liabilities,."
As reported by the Houston Chronicle, "Here's why: If your income for 2014 is going to be higher than you estimated when you applied for health insurance, then complex connections between the health law and taxes can reduce or even eliminate your tax refund next year. Maybe you're collecting more commissions in an improving economy. Or your spouse got a better job. It could trigger an unwelcome surprise."
As a matter of fact, many Americans anticipating tax refunds may likey receive higher tax bills instead.
To read the entire article from the Houston Chronicle, link here:
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