President’s Message March 2015
Now that we all have a few months learning and navigating through the Affordable Care Act (ACA), we are learning that there is significant impact to our tax reporting from here on out.
We have all seen the great commercial on TV in which the H&R Block ‘young man’ asks – what does the Affordable Health Care Act have to do with your taxes? . . . . We’ll tell you
– this is quite an effective message to get us curious and get the answers we need to address the impact of the ACA on our taxes.
Sharla Cameron of McSwain Financial Services and H&R Block presented to our audience on Taxes, the Affordable Care Act, and You!
We learned about the new laws around the ACA that dictate that everyone in each household is required to maintain qualified health insurance coverage. The important question to ask ourselves is whether the insurance we currently pay for is considered ‘qualified’ insurance under the ACA rules, or not? Please make sure to talk to a tax expert such as H&R Block. There are ramifications that every tax payer needs to understand to avoid penalties or to get the Advance Premium Tax Credit, for example.
The presentation was comprehensive and did address what level of impact we have on our taxes depending on the kind of health care we have. At the Tumwater Chamber we are always excited to present relevant information to our audiences and hope that this forum sparked curiosity to explore this topic further with your tax professional – none of us wishes to have surprises when filing our taxes. Again, we encourage every one of you to present your questions to your tax expert early, as there might be something that you can do now to help you minimize the impact the ACA will have on your taxes.
We look forward to seeing you at our next Forum April 21, 2015 (River’s Edge Restaurant), at which we will cover effective and balanced marketing approaches in the age of social media – what happened to the personal touch?
On another note, let’s not forget the US Open coming in June 2015 will have a tremendous economic impact in the region, particularly in lodging, eating, and entertainment, with thousands and thousands of visitors to the area. The Tumwater Chamber is highlighting Tumwater through the distribution of the Tumwater area map. Don’t be left behind – we will distribute the visitor map to hotels throughout the region. Don’t be left behind – visit www.tumwaterchamber.com
and Be On The Map!