HOWLAND, Ohio (WYTV) – The Affordable Care Act is causing some big changes on income tax forms this year. And anyone who received a subsidy for health care this year, could be getting a smaller refund.
Tax preparers across the Valley are taking courses to catch up on all the changes the Affordable Care Act is making to the tax code.
Nicole Fort with Liberty Tax Service said it might be a good idea to get professional help.
“It is very complicated with the new laws, and with the Affordable Care Act there are some differences that they may not realize,” Fort said.
More people will have to file tax returns than ever before. People who never had to file previously now have to show proof of insurance or pay a fine. Many people received tax subsidies for health care, and if estimates are too low on expected income that money will have to be paid back.
“If the subsidy was greater than it needed to be, they are going to have to owe that money back, which will happen in their next tax refund,” said Vincent Flask with Liberty Tax Service.
Mistakes can be made during the process by the IRS, by tax preparers and by tax payers. This can be a surprise, but it doesn’t have to be scary.
“Don’t panic but address it. Don’t let it go. Everybody makes mistakes, certainly the IRS makes mistakes,” Flask said.