SOURCE: FinancialUnion.com

FinancialUnion.com

April 06, 2015 18:52 ET

Financial Union Inc. Are Experts in Tax-Related ObamaCare Questions

REISTERSTOWN, MD--(Marketwired - Apr 6, 2015) - Millions of Americans across the United States are ploughing through piles of documents and receipts these days -- the tax season is in full swing. Adding to the usual confusion is the newly introduced Affordable Care Act (ACA), which is making its debut in tax declarations this year. As of January 2015, approximately 10 million Americans were enrolled in a healthcare plan under the ObamaCare legislation and according to Financial Union Inc., a leading tax and financial accounting firm based in Reisterstown, Maryland, this has lead to a noticeable increase in inquiries over the last few weeks.

"Our office between January to April is always a little chaotic," admits Irene Matlin, General Manager of Financial Union, "It's part of the industry we are in. But the amount of phone calls we have been getting about ObamaCare is something I have never seen before. Our entire team has been working overtime to make sure we can address all of our clients' concerns." Most questions evolve around the dreaded penalties and the new forms that need to be submitted along with the tax declaration. In anticipation of this development, Financial Union Inc. published an overview over the most important changes in connection with the ACA on their website before most employees had even received their W2s.

Most people only need to the check the box on Line 61 of their usual Form 1040, confirming that they had employer-based coverage, Medicaid, or Medicare all year without requiring any further proof. For those who did not have insurance, or bought their plan through a public exchange, however, this is where things start to get complicated. "Basically all possible scenarios are covered and managed by three new forms," explains Ms. Matlin. "We at Financial Union Inc. have studied the new documents and regulations very thoroughly and are ready to help our clients shed some light onto this tax mystery."

Public exchanges sent people who bought insurance on the marketplace Form 1095-A, which indicates information about monthly premiums and tax credits and must be filed together with the tax declaration. It is also used as a basis to complete Form 8962, which helps taxpayers determine whether they owe the government money or can claim a refund. For qualified uninsured persons who did not have health insurance for more than three months, a fee applies which depends on various factors, including age, gross income, and family status. There are, however, eight exceptions listed on Form 8965, for example income below a set threshold, bankruptcy, or extensive medical expenses, in which case a penalty can be avoided. Finding out whether one qualifies for an exemption and how to file a claim can be really overwhelming, which explains why so many people turn to Financial Union Inc. for assistance.

Tax accountants at Financial Union Inc. are ready and happy to help clients, but many questions can be answered prior to an appointment by visiting the company's website at http://accounting.financialunion.com/taxcenter2.php, where the firm's financial experts provide constantly updated information about tax due dates and tax rates, as well as links to the most current IRS tax forms. On top of that a number of handy software tools help users to get organized, including a Tax Due Reminder, a Tax Estimator, an Online Tax Organizer, and a Refund Tracker. Prepared like this, all that is left to do is calling or emailing Financial Union Inc. for a free consultation and tackle those taxes.

Learn more about Financial Union, Inc.: http://financialunionnews.com

Financial Union on MarketWatch: http://www.marketwatch.com/story/financial-union-inc-delivers-exceptional-accounting-and-bookkeeping-services-2015-03-12

Twitter: https://twitter.com/FinancialUnion

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