What You Should Know About Healthcare Law and Tax Preparation in Des Moines, IA

As you work toward filing this year’s taxes, you may find yourself with questions about tax provisions for healthcare under the Affordable Care Act (ACA).

The following details will help shed some light. If you have additional questions about tax preparation in Des Moines, IA, you might find it useful to make an appointment with an accounting and tax professional.

Individuals and families

Did you have healthcare coverage for the full year for yourself and everyone in your household?

If so, when filing your taxes, you’ll check the box on your tax return labeled “Healthcare, individual responsibility.”

Depending on how you are covered, you may receive particular forms that you can use for tax purposes. If you receive health insurance through the Marketplace, the Marketplace will provide you with Form 1095-A. If you are enrolled in health insurance via a government sponsored plan or the individual market, keep an eye out for Form 1095-B from the provider. Do you receive coverage through an employer with 50 or more full-time employees? Your employer may provide you with Form 1095-C.

Did you or anyone in your household only have health coverage for part of the year?

If you or a family member did not have health coverage for the full year, the IRS requires that you claim a coverage exemption or make a payment for the months when you did not have minimum essential coverage. To determine if you are eligible for an exemption or if you will need to make a payment, visit the IRS website. If you qualify for an exemption, you will need to complete Form 8695 from the IRS (titled “Health Coverage Exemptions”) and file it along with the rest of your tax return. If you will be required to make a payment, the website’s interactive calculator tool will provide an estimate of your payment.

For more guidance on any of these topics, visit the IRS website.


Do you have fewer than 50 full-time employees?

Your business may qualify to receive the Small Business Health Care Tax Credit if your company covers at least half of your full-time employees’ premium insurance costs and fewer than half of your full-time employees earn an average annual salary of less than $50,000.

Do you have 50 or more full-time employees?

If your company does not provide what is referred to as adequate and affordable coverage, you may be responsible for a payment under the employer shared responsibility provision.

For more guidance on any of these topics, visit the IRS website.

If you’d like to review current healthcare law as it relates to filing this year’s taxes, or if you’d simply like the peace of mind that comes from having a professional assist you with your taxes, you’ll want a tax preparation service in Des Moines, IA that you can trust.

The experts at Accounting & Tax Professionals, PLC offer a full range of tax services and financial services for individuals and businesses, including tax preparation, tax resolution, tax audit representation, small business accounting, notary services, payroll, investment consultation, financial and tax planning and more.

Ready to make filing this year’s taxes a breeze? Call us today—we look forward to working with you!