West Milton Rotary – October 27, 2014

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The program for the October 27 West Milton Rotary Club meeting was with one of our members, Luke Kahlig, providing the club with a some of the 2014 Tax Return Changes due to Affordable Care Act or Obama Care.  The Affordable Care Act was signed into law to reform the health care industry by President Barack Obama on March 23, 2010 and upheld by the supreme court on June 28, 2012. The Affordable Care Act expands the affordability, quality, and availability of private and public health insurance through consumer protections, regulations, subsidies, taxes, insurance exchanges, and other reforms. Luke provided a list of general facts on this act along with a few financial costs.  He also stated that the tax preparer must ask several questions while doing the tax return.  There will be a new form 1095 to be completed that proves you have health insurance.  A form 8962 will be used to pay penalty if you have no insurance plus anyone you claim as a dependent.  Luke also explained forms for new employees along with premium rates.  He also explained the impact on small businesses as well as commenting on poverty levels, subsidies, the need to watch number of hours for some employees and sign up periods to change status on insurance coverages.  Luke’s experience as an accountant and tax return preparer was valuable in sharing this information and for answering questions.

 

V. Blei, L. Kahlig
V. Blei, L. Kahlig

 

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Mike McDermott is publisher of several web news properties, including this one. Long time resident, and local business owner, Mike McDermott lives in the downtown and fiercely defends Tipp City's honor at home and abroad.

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