December 03, 2014 // Franchising.com // Virginia Beach, VA – Liberty Tax, Inc. (NASDAQ: TAX) - December 15 is the last day for enrollment in the Health Insurance Marketplace for coverage that begins on January 1, 2015. Liberty Tax Service has the tools that will help consumers weigh health insurance options, access coverage and meet the deadline.
At many Liberty Tax Service offices, individuals can receive, free of charge, Affordable Care Act (ACA) reviews and help with applying for exemptions. Health insurance agents are available for consultations at many Liberty locations. They can suggest health plans that best suit specific situations and assist in applying for Advance Premium Tax Credits that reduce an individual's out-of-pocket cost for insurance coverage. They can also facilitate enrollment in health insurance plans.
Liberty has also created a website, www.healthcaretaxinfo.com, which offers a subsidy calculator, provides up-to-date ACA information, and answers questions about penalties and tax consequences under the law.
"The Affordable Care Act affects all Americans and legal residents," said Chuck Lovelace, Vice President of Affordable Care at Liberty. "Liberty has taken this multi-pronged approach to ensure that those affected by the law understand their options and possible tax implications and to help as many people as possible enroll in coverage."
Although enrollment in coverage in the Marketplace is available through February 15, the start date for health insurance coverage is based on an individual's enrollment date. For those who enroll in an insurance plan between the 1st and the 15th day of the month, coverage will start on the first day of the following month. Those who enroll after the 15th must wait an extra month for coverage to begin. That means individuals who enroll by December 15 will have coverage that starts on January 1, 2015. Those who enroll in December, but after the 15th, will not have coverage until February 1, 2015.
The 2014 tax year is the first in which the ACA will have tax implications on those who do not have health insurance coverage and are not exempt from obtaining coverage. The penalties for 2014 are $95 per person or 1 percent of taxable household income, whichever is greater. Individuals who do not enroll in insurance during this open enrollment period will see an increase in their penalty for 2015 to $325 per person or 2 percent of taxable household income.
Liberty Tax Service is equipped to assist taxpayers from enrollment, the beginning of the health insurance process, to tax reconciliation, the end of the process.
Liberty Tax offices can be located by calling 866-871-1040 or by visiting www.libertytax.com. Liberty Tax takes appointments, but they are not required.
Founded in 1997 by CEO John T. Hewitt, Liberty Tax, Inc. (NASDAQ: TAX) is the parent company of Liberty Tax Service. Liberty Tax is one of the fastest-growing tax preparation franchises and has prepared almost 18 million individual income tax returns in more than 4,400 offices and online. Liberty Tax's online services are available through eSmart Tax, Liberty Online and DIY Tax, and are all backed by the tax professionals at Liberty Tax locations and its nationwide network of approximately 35,000 seasonal tax preparers. Liberty Tax also supports local communities with fundraising endeavors and contributes as a national sponsor for many charitable causes. For a more in-depth look, visit Liberty Tax Service and interact with Liberty Tax on Twitter and Facebook.
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