Posted on 08/25/2014 3:34:36 AM PDT by SoFloFreeper
Taxes? Who wants to think about taxes around Labor Day?
But if you count on your tax refund and you're one of the millions getting tax credits to help pay health insurance premiums under President Barack Obama's law, it's not too early.
Here's why: If your income for 2014 is going to be higher than you estimated when you applied for health insurance, then complex connections between the health law and taxes can reduce or even eliminate your tax refund next year.
(Excerpt) Read more at foxbusiness.com ...
You are paying 40% more because.... where do you think those “subsidies” come from??
> I agree; I usually end up owing a couple of hundred to either the fed or state, while the other offsets it with a refund. The government will step in if you owe too much, and make you adjust your withholdings.
You got off easy. For years I never paid in less than $15K. And I hated it every time ESPECIALLY since 0 took office. The tax bill always went up but the said they didn’t increase taxes. BS; they just found more creative ways to take it from you by taking away deductions and raising payroll tax requirements and making you pay more higher regulatory fees.
Wouldn’t it be interesting if you had to pay your income tax in one huge annual lump sum, and got back your “refund” in trivial dribs and drabs as part of your regular biweekly or monthly paycheck?
Simply imagining the reverse situation is, as you point out, an illustration of how insidious the current practice is.
Yep.... I’m thinking... Okay... my premium went up 40% and I didn’t get any more coverage. What happens when we have to be obammycare compliant? Premium goes up again and we get additional coverage that we don’t need?
My wife and I adopted two children a couple years ago, never gave a thought to the income tax implications - until time to file. We got more than $5,000 tax refund. I immediately adjusted withholdings to reflect our new status.
Yep, something like that. Healthcare has become a tax and welfare program.
Previously, I crafted my withholdings so that my ‘refund’ was less than $1-200 every year. I never owed a cent.
One year about 4 years ago my then-employer got a letter threatening sanction against both parties if my withholdings weren’t increased.
I later learned why; this is an extension of that scenario.
All of them?
And then the lib-tards will start jumping around screaming about how "unfair" it is to "take away" their tax refunds just because a government official "made them" underestimate their incomes.
And then Obama will "fix" it with his pen and phone, and they will all receive their full refunds AND their Obamacare subsidies.
and fine “big insurance” for predatory underwriting
Would this be the “tax refunds” resulting from the “Earned Income Tax Credit”?
Right! I missed that step.
Good catch.
Probably your cost went up to cover those who are now in obamacare.
Regulation raises prices for all customers.
Another gift from the DEMOCRATS.
They get thousands in earned income, I pay every year, not a whole lot but I always owe. One member on my family got back 12,000 in earned income that’s what will probably change next year.
Totally unexpected.
Oh, I don’t have income tax bills of hundreds of dollars; I meant my withholding is set up so that I’m fairly close on both counts (state & federal), and that what else is owed on TOP of that is often offset by an overpayment on the other. I pay thousands in income taxes, and even more thousands in property taxes than both of my income taxes combined.
Here in NJ one means of “keeping taxes down” means increasing fees on everything else (from fishing licenses to motor vehicle fees to state beach admissions).
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