Mandatory Obamacare & the IRS

In light of the Supreme Court's decision to uphold the Obamacare mandate, Marco Rubio wants you to know “If you do not buy health insurance, the IRS is going to be on your back and chasing you. They’re going to take away your refund, they’re going to increase your fees, they’re going to come after you.”

That may be true for some. If you are considered low-income, which includes anyone 133% above the poverty line and below, the government will provide Medicaid for you. If your family makes somewhere around $90,000 or more a year, you are on your own. If you don't already have it, you will have to buy health insurance and the premiums are going to be steep. If you don't, you will have to pay a penalty somewhere between $695 to $2,085. If you have your own business and employ more than 50 full-time workers, you have to provide all of them health coverage. Otherwise, you are looking at paying a $2,000 fee per employee. These penalties will not be enforced until 2014.

A large percentage of people living in the middle class have a job that covers health insurance. Those who need to buy health insurance though, should probably start saving up to cover the premium. Otherwise, you may not get your refund come tax season. Those facing the biggest tax risk here are business owners.

If you are already struggling with a tax debt, give me a call at 888-415-1337 or fill out the form for a free consultation.