SOURCE: Liberty Tax, Inc.

Liberty Tax, Inc.

January 13, 2015 11:42 ET

Liberty Tax Service Has Free Online Tool That Answers the Question: "Am I Exempt?"

VIRGINIA BEACH, VA--(Marketwired - Jan 13, 2015) - Liberty Tax, Inc. (NASDAQ: TAX)

Individuals weighing their options under the Affordable Care Act (ACA) may wonder whether they are eligible for a coverage exemption. Liberty Tax has a free online tool that puts that answer at consumers' fingertips.

Liberty Tax's Exemption Guide is an easy-to-use tool that helps consumers determine if they are eligible for a coverage exemption. Individuals are guided through a list of questions about income, residency and more. In minutes, they learn if they are eligible for an exemption and if they need to apply for it through the Marketplace or claim it when they complete their tax returns.

The Exemption Guide creates an application printout for those who need to apply for Marketplace exemption and provides information on where the form must be sent. The guide also directs consumers to the nearest Liberty Tax office, where they can talk to a tax professional about claiming the exemption on their tax return. For those who are not eligible for an exemption, Liberty Tax invites them to visit a participating office to talk with a health insurance agent about coverage options.

Exemptions are available for a wide range of reasons, including, but not limited to, the following: income, religious objections, hardship, affordability of coverage, and incarceration. Without a coverage exemption and without health insurance, individuals will be required to pay a penalty with their tax returns. The penalty for 2014 was 1 percent of annual taxable household income or $95 per person, whichever was greater. For 2015, the penalty is 2 percent of annual taxable household income or $325 per person, whichever is greater.

"Tax season is here, so this Exemption Guide really is helpful," said Chuck Lovelace, Vice President of ACA for Liberty Tax. "It will let taxpayers know quickly if they are exempt or if they likely will have to pay a tax penalty on their 2014 returns."

Along with health insurance, Liberty Tax is ready to assist clients with tax preparation services. The 2015 tax season is the first to include ACA tax forms and other paperwork that demonstrates whether a taxpayer has health insurance coverage, a coverage exemption or if he or she must pay a penalty when they file their taxes.

Liberty Tax has a team of certified tax preparers who understand ACA rules and will work with health insurance agents to make the merger of health insurance information and income tax preparation a seamless process for consumers.

About Liberty Tax, Inc.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.

Contact Information

  • MEDIA CONTACT:
    Martha O'Gorman
    Chief Marketing Officer
    Liberty Tax Service
    (757) 301-8022
    Email Contact