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Diversified Financial Consultants President Dominick Tavella on the tax implications of the new health-care legislation.
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Season it's here -- my France but could obamacare get your way.
This year and next HR block is unveiling a new web site take a look at it.
Allowing customers to see what subsidies and penalties they will likely face in 2014.
This is protection mode for H&R block with more on this -- -- -- founder and president of diversified financial consultants how does this defensive mode for H&R block.
Look who let's go Whitney last year had a Supreme Court ruled on this this the Obama -- is a pack.
Acts if you do not pay for health care insurance in 2014.
The IRS which is responsible collecting taxes.
Will tax those individuals or or a husband a wife.
Who don't spy.
Health insurance and let's take a look at the mandate penalty or taxes are calling it right when he fourteen to 85 to wait 15900 -- -- -- just -- up and up and up.
And I don't think people know this is gonna happen.
No they they thought you mishap who universal health care coverage was gonna be cheap insurance -- -- gonna go down it can be anything from the truth -- as an employer's costs have gone already up 5060%.
As an individual if you don't buy health care and -- in 2014.
Sixty a hundred to 100 dollars a month.
In tax for not -- and health care costs.
In -- much -- between it's based -- com.
That income that law and it's Danny's based on -- 2012.
Income you gonna buy a 2012.
-- can turn.
This year in 2013.
That becomes your baseline.
That determines how much the government's gonna subsidize your health care in 2014.
And it.
How much action if pay if you don't buy health -- richer and those numbers -- more time.
It can range -- hearing comes -- -- I'd say it's a percentage of your taxable income could be as low as sixty dollars a month could be as much as 200 dollars a month and not -- mom and -- Among I just have to -- repeat that I just think they'll -- I don't think anybody in their right mind expects this no no no one thought it was a -- So we were they were called neo -- -- -- -- including penalty but it's fat cat so that a penalize you got it.
Q for not doing what the government so I'm -- to do crystal and.
And this is why HR block is setting up this website because they know at the end of today.
Dad -- the numbers are being calculated on this year's data right they know the people are gonna come back to them and say.
So yeah or -- -- -- where's my refund and I don't have a record and.
4050000.
The average.
Earnings -- the back kind prepare.
They don't want it most likely get earned income credit they're the -- -- most likely get a child care credit.
Or higher education credit these -- people that depend on getting a huge refund because of these credits if they get taxed -- not buying health care insurance.
That are significant chunk of that -- -- to go away then.
Then that even aware this is gonna happen.
And you had little payroll tax change all of this really think people thought.
If you're rich -- gonna get hammered.
-- you're not it's.
For the pre -- and that was.
Play on December 31 with -- Taxing the rich -- -- this.
Wake up January 1 every every paycheck in this country or how little he made minimum wage you lost a percentage income -- it payroll holiday going away.
On the developed pleasure having you can always -- to be here thank you.
