No Health Insurance, No Money

Recent legislative changes have made it so that Americans are required to have some kind of health insurance. If they do not have adequate health insurance, however, they are forced to pay sizable penalties in many cases. What do you do, however, if you don’t have health insurance and can’t afford to pay the penalty for not having it? Well, fortunately for you, there are some things you can do to make things a bit easier on yourself.     

Exemptions

One of the first things that you should be aware of is that, under the new laws, there are many exemptions (more than 30 actually!) that will keep you from having to pay the aforementioned health insurance penalty, and almost half of non-insured Americans will ultimately qualify for such an exemption. This means that, oddswise, your chances of being exempted from paying the penalty are pretty good!

Your best bet, if you want to learn about exemptions thoroughly and/or think that you may qualify for one, is to speak with a professional tax adviser to learn more about these exemptions and how they may potentially apply to you and your situation.

In fact, in some cases, such as when your income is below the IRS income filing threshold, you may not even have to apply for these exemptions in order to receive them.

The Tax Credit Option

If you ultimately find that you do not qualify for an exemption, then rest assured that this does not necessarily mean that all hope is lost. You may, instead, be able to qualify for a tax credit that can take care of or at least offset the penalty you have to pay. Examples of such credits include:

l  The Child Tax Credit

l  The American Opportunity Tax Credit

l  The Earned Income Tax Credit

The bottom line is that, no matter where you currently are in the process, a qualified tax professional can either help you to find qualifying health insurance or to potentially find a way around paying the penalty, which is why you should get in touch with a pro as soon as possible.

Related articles

• Personalized IRS letters nudge uninsured to get coverage (bostonherald.com)

Property Tax Exemptions Worth Knowing About

It’s no secret that property taxes can get pretty high, and, while you can’t escape paying them altogether, there definitely are things that you can do to cut down on your property taxes. In fact, there are quite a few credits, deductions, and exemptions that you may qualify for. We’ll cover a few of the basics here, but remember, you should always be able to go to your accountant and/or tax adviser to learn more about available discounts and how to take advantage of them.  

Veteran Assistance

First things first, are you a veteran? If so, then there are probably several different property tax related credits, deductions, and/or exemptions that you can qualify for. However, these do vary from state to state, so, where you live will play a big role in which of these you can receive. Ask your tax adviser to point you in the right direction!

Aid for Senior Citizens

Veterans aren’t the only ones who can get a break on their taxes! Senior citizens are another group that is often eligible for discounts, especially in the case of senior citizens who are over 65 and fall into a lower income bracket. Again, these discounts do vary from one state to the next, so check with your tax adviser. It’s definitely worth the effort because some discounts are so good they can keep you out of foreclosure.

A Hand for Farmers

Finally, even farmers can get a little credit...literally. Land that is deemed “agriculturally productive” qualifies for property tax breaks in most states, especially Florida, which is very liberal when it comes to handing out this credit. Other states, however, have more stringent requirements, but, no matter where you live, this credit and all the others are worth looking into. In fact, you should really ask your tax adviser to help you uncover and make the most of every possible discount you may be eligible for!