SOURCE: Liberty Tax, Inc.

Liberty Tax, Inc.

December 12, 2014 09:46 ET

Liberty Tax Shares Lessons Learned About the Affordable Care Act

VIRGINIA BEACH, VA--(Marketwired - Dec 12, 2014) - Liberty Tax, Inc. (NASDAQ: TAX)

The first year with the Affordable Care Act has taught Americans a few lessons, including:

  • December 15 is a date to pay attention to;
  • Penalties for not having insurance may be higher than anticipated;
  • Possible exemptions are many, but getting an Exemption Coverage Number takes time;
  • Annual health insurance reviews are essential to ensure taxpayers receive the subsidies or tax credits to which they are entitled. The reviews are also a way to evaluate coverage and make changes to suit their needs at the lowest cost possible.

Offices Open Early
Liberty Tax opened many of its offices on November 15, the first day for open enrollment in the Health Insurance Marketplace, to provide seminars and early assistance to consumers. Liberty Tax offers free health insurance reviews and exemption application assistance.

Health Insurance Agents on Duty
Many Liberty Tax offices have health insurance agents on duty who work with customers to evaluate health insurance plans and enroll in coverage. The agents also assist those who have coverage but need to report changes to the Marketplace. Reporting changes can help the insured avoid receiving too much or too little premium tax credit. Miscalculated tax credits can mean the difference between owing money and receiving a tax refund.

Educating Taxpayers
Liberty Tax has encouraged taxpayers to learn more about ACA coverage exemptions and to apply early for those exemptions. Those approved must have an Exemption Certificate Number, which they will need when they file their taxes. Those who do not have insurance or a coverage exemption will pay a penalty. The penalty may be higher than the $95 some were expecting. Penalties are one percent of taxable household income or $95 per person, whichever is greater.

Liberty Tax has also spread the word about December 15 and its importance in the ACA calendar. For new Marketplace enrollees, December 15 is the last day to sign-up for coverage that begins on January 1, 2015. For those currently enrolled in Marketplace plans, December 15 is the last day to make changes to their plan and have that change effective on January 1, 2015. Those who do not make the change by the December 15 deadline, will automatically be re-enrolled in their current plans.

Online Assistance and Up-To-Date Information
At its website, www.healthcaretaxinfo.com, Liberty Tax offers up-to-date ACA information and a subsidy calculator that helps taxpayers determine how much assistance they may be eligible for to help pay their health insurance costs.

Liberty Tax offices will be open throughout the tax season, which encompasses the remainder of the open enrollment period, ending on February 15. Liberty Tax is equipped to help individuals access health insurance and to assist them through the income tax process. Liberty Tax's goal is to streamline -- as much as possible -- the health insurance and income tax process now that the two have merged under ACA.

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