Thanks to glitches in Obamacare, many Americans may find themselves unexpectedly owing thousands of dollars next tax season, according to one tax expert. This could make next filing season “one of the most chaotic in years.”
s tax credit program, which advances tax credits to insurance compani...and consequently, how large a credit they are really eligible for.
Since the application process is new, convoluted, and happens rapidly, both applicants and the government are already struggling to estimate accurately. Ryan Ellis of Americans for Tax Reform describes it as “rather like trying to fill out a 1040 on the fly.” As a result, “It is the middle of June, and many people have now been receiving inaccurate subsidies for six months.”
We will be ready for next tax season. We are a team of two enrolled agents who have taught tax seminars on the implications of the Affordable Care Act on Individuals and small businesses.