TaxACT website features free guide, calculators and information about healthcare-related tax law changes.
Cedar Rapids, IA - September 24, 2013 - A new website by TaxACT, the critically acclaimed leader of affordable digital and download tax preparation solutions, offers free resources to guide Americans through the tax law changes in the Patient Protection and Affordable Care Act of 2010 (ACA). HealthcareACT.com's tools and information help visitors navigate the ACA's impact on their federal income taxes.
The healthcare-related tax law changes vary in range and scope and will be implemented over the next several years. Changes include an increased threshold for medical deductions, reporting health insurance on Form W-2s, a tax penalty for being uninsured, and a premium tax credit for coverage purchased through Health Insurance Marketplaces.
“The tax law changes will affect some taxpayers more than others,” says TaxACT President JoAnn Kintzel, “but HealthcareACT.com and TaxACT make it easy to navigate the changes. We'll lead taxpayers through the changes, whether they have simple or complex health care and taxes.”
HealthcareACT.com offers a free guide that breaks down all the ACA tax changes by tax year starting with 2013. Site visitors can read the information online and download it as a PDF for future reference. The website also provides calculators to estimate the tax penalty for being uninsured and the credit for those purchasing 2014 coverage through a marketplace. Although the penalty and credit will not affect 2013 tax returns in April, consumers need the information now to make informed decisions regarding their health insurance for the 2014 calendar year.
All taxpayers can calculate how much the ACA and all other known tax law changes will impact their 2013 federal income tax returns for free starting in October. As users answer questions, TaxACT Free Federal Edition computes their refund or tax liability amount. Users can then adjust their year-end tax strategies and take advantage of last-minute tax savings. TaxACT programs are updated with final IRS forms and last-minute tax law changes in early January.
HealthcareACT.com also features videos, infographics and blog posts with trending ACA news. The site will be updated on a regular basis with healthcare insurance and tax information.
TaxACT is the critically acclaimed leader of affordable digital and download tax preparation solutions for consumers, business owners and tax professionals. In the 2005 tax season, TaxACT became the first to offer free federal tax software and e-file to all U.S. taxpayers. Since 2000, TaxACT Online has assisted with more than 45 million e-filed federal returns. TaxACT is a business of Blucora, Inc. (NASDAQ: BCOR). Learn more about TaxACT at www.taxact.com and www.taxact.com/press.
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