SOURCE: FinancialUnion.com

FinancialUnion.com

July 12, 2015 22:51 ET

Financial Union, Inc. - Offers Expert Advice to Tax-Related ObamaCare Questions

REISTERSTOWN, MD--(Marketwired - Jul 12, 2015) - Financial Union, Inc. a full-service financial services firm in Reisterstown, Maryland, is now providing expert advice to Maryland tax filers on questions related to ObamaCare. Financial Union, Inc. offers affordable and friendly financial guidance, and helps taxpayers determine if they owe the fee, and how the fee is posted to a tax return. Their team is prepared to answer questions and provide guidance for both individual filers and business tax filings.

There are exceptions for individual filers, and the team at Financial Union, Inc. can help filers identify exceptions for hardship cases, including gaps in coverage due to the timing of health insurance enrollment periods. Their team will also help businesses who are struggling with the details of compliance requirements. Although the requirements for businesses to report the details of their coverage were delayed until the 2015 filing season, many businesses will need to get a head start on meeting compliance requirements.

Financial Union, Inc. specifically helps filers with page two of the 1040 form, which includes a section for Other Taxes. Line 62 lists taxes for health care: individual responsibility. If an ObamaCare fee is owed, that fee is paid on line 62 of the Form 1040. The IRS provides an overview page on the law (source:http://www.irs.gov/Affordable-Care-Act/The-Individual-Shared-Responsibility-Payment-An-Overview), and they go into more detail on determining any fees the taxpayer may owe. Penalty may be exempt if the minimum amount they must pay for premiums is more than 8 percent of their household income.

The Affordable Care Act (ACA) is the expertise of agents at Financial Union, who are trained to help individual and business clients not only understand the details of ObamaCare, but also determine if they qualify for a health care exemption or pay a fee. The mandate has created confusion for many taxpayers and businesses, but experts at Financial Union, Inc. can help filers navigate the tax code details related to ObamaCare and ensure that future returns are filed correctly. The penalty for remaining uninsured is capped based on national averages and projected premiums, and will change from year to year. The employer mandate has undergone recent changes, and many businesses need the help of an expert to ensure they are in compliance.

Financial Union, Inc. is a full service financial firm, offering expert advice and guidance to individuals and businesses in the areas of financial management and planning, accounting, bookkeeping, and tax services. Their team is made up of experts in personal finance and estate planning, as well as business financial services. They offer small business accounting, including Quickbooks services, payroll, audits, planning, and more. Tax services include but are not limited to tax preparation and planning, IRS audit representation, assistance with non-filed returns, back taxes, IRS liens, levies, garnishment, offers in compromise, and more. They offer access to advanced technology for all clients, giving them access to a financial management portal so that clients can stay on top of files, forms, and due dates. They are a fully licensed financial services provider in the state of Maryland, and initial consultations are free. To learn more about Financial Union, Inc., visit: http://financialunion.com

Financial Union, Inc. - Certified Public Accountants and Tax Preparation: http://financialunionnews.com

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