Beginning Jan. 1, 2014 the Affordable Care Act (ACA) will come into full effect. While parts of the law are already in place, 2014 will bring in a whole new set of changes, including dozens of tax provisions, that can be difficult to understand. Among them is the requirement for minimum essential coverage, which mandates individuals maintain an approved health insurance plan or face a penalty – the greater of 1% of household income or $95 per household member.
Thanks to the folks at Block Talk, we’re going to post a series of infographics that make it easier to understand the 1,000-plus page ACA. Read close! Most of these provisions don’t apply to everyone:
Click image to see a larger versionUnderstanding the Affordable Care Act [INFOGRAPHIC] via H&R Block
JDKatz, P.C. is a full-service law firm focused on tax law and estate planning. We are dedicated to minimizing your existing liability and risks while providing valuable tax planning to streamline your tax issues in the future. Please call us at 301-913-2948 to schedule an appointment to meet with one of our trusted attorneys.