What entrepreneurs need to know about health insurance tax penalties
A significant portion of the American population will be influenced this spring new tax penalty regulations. It’s predicted that up to six million households will have to pay a penalty not buying health insurance last year. Others will be surprised with a penalty for under-estimating their income when applying for a government subsidy.
Though some efforts are being made to help the penalized–about 30 different types of exemptions are currently in place–there are still limited resources for those confused by the new policies. A recent New York Times story announced that the IRS is expected to answer fewer than half of the calls they receive–and those calls will likely only be answered after a 30-minute hold time. Around 23 million people will qualify for an exemption, but with little access to help, it’s unlikely that they will all acquire one. The immensity of these numbers point to a great need for help in both avoiding and navigating the new health insurance/tax system.
For entrepreneurs concerned about avoiding the penalty next year, Stride Health has guides for correctly filing income when applying for a subsidy and deducting health insurance premiums from your taxes. Our site can also help you navigate your insurance options to find an optimal plan.