My background is in accounting, health insurance doesn’t intimidate me, and I actually tend to enjoy tax season.
But there’s a “but”
Thanks to recent changes (I’m looking at you, Affordable Care Act) taxes have become even more complicated, and I’ve found that understanding both health care and taxes effect on one another has become downright overwhelming.
Almost any life change can have an impact on your healthcare and therefore, your taxes. Have you had a job change, new baby, or moved within the last year? If so, your health insurance probably changed.
In my case, 2015 brought tons of changes: I left one office job for another, then left that job a few months later to become self employed. We didn’t have a baby in 2015, but my husband went back to work after 1 1/2 years of being a stay at home dad, and signed another 6 year contract with the National Guard.
Now, my background is in accounting, but I have to let you in on a little secret:
I do my taxes with TurboTax!
As filing tax returns becomes more and more complicated, I’ve found that TurboTax takes all of the stress of taxes away when you’re an Army wife, business owner, parent, and have experienced a couple of changes in health insurance in 2015. It’s just so simple!
How The ACA Effects Your Taxes
ACA stands for the Affordable Care Act, and it is the healthcare law that took effect in 2014 – so this is the second year that all taxpayers will need to report whether or not they have health insurance with their tax return.
For nearly 80% of taxpayers, reporting your health insurance on your tax return is as simple as checking a little box on your TurboTax tax return, because TurboTax is committed to making understanding how your health insurance impacts your taxes with their free suite of tools.
If you have insurance through an employer, government program such as Medicare or Medicaid, or other private insurance may receive a 1095-B or C form. You do not need these forms to report your insurance status – they’re just for your records.
Taxes & Self-Employment
I’ve been blogging my way through my self-employment journey here, and I’ve gotten quite a few comments from readers who either have started a blog and want to make money from it, are making money from their blog but are still working a day job, and others have made the move to full-fledged self-employment.
I have to say, self-employment is pretty great, but if there’s one comment I’ve heard from everyone, it’s that the health insurance changes that came with the independance of self-employment were killer.
The expense of the actual health care coverage as well as the changing tax situation can add stress to a business’ owner’s mind that just isn’t necessary, but TurboTax make it all quick and easy!
Whether you’re self-employed, traditionally employed, or supermom, TurboTax has effective and simple tools to help you manage your healthcare reporting and tax returns.
I was selected for this opportunity as a member of Clever Girls and the content and opinions expressed here are all my own.