Do you have the right kind of health insurance coverage to avoid fines on your taxes this year? It’s a question not many people want to think about but there is no way to avoid it. The Affordable Care Act, also known as Obamacare, applies to everyone and it is affecting all of us right now.
It was an easy decision then for Globe University-Wausau to team up with our business partner Sue Syring at Liberty Tax Service to hold an on-campus seminar to discuss the crucial questions about the Affordable Care Act and what it will mean for all of us going forward.
Sue started the presentation by explaining what the Affordable Care Act is and that it will forever be intertwined with taxes. She explained that there are minimum requirements that your health insurance must include in order to avoid fines by the federal government. These fines double exponentially each year that you don’t carry, or don’t carry the right type, of health insurance. She strongly encouraged everyone in attendance to check with their employer’s human resources department to ensure the specific requirements are being met.
The presentation also gave students a glimpse into what the day-to-day role looks like in the tax profession. Samantha Schoener, a student in the accounting program, learned a great deal from the seminar. “What she spoke about directly affects my program,” she says. “It was interesting to hear how the new Affordable Care Act plays on taxes being that tax preparation is one of the many things that accountants do.”
Not only did Sue provide a wealth of valuable information on the Affordable Care Act, but she shared some additional tips and tricks with the students about their taxes after the presentation as well. For example, Sue asked each of the students if they had submitted a 1098-T form when they did their taxes last year, as this may entitle them to an education credit for up to $1,000 back on their taxes.
The presentation was a success on many levels. Thank you to Liberty Tax Service and Sue Syring for coming to campus and educating us on such an important topic. If you would like more information on the Affordable Care Act or have questions on education credit, please visit Liberty Tax Service online.