|By Marketwired .||
|February 25, 2013 07:12 AM EST||
KANSAS CITY, MO -- (Marketwire) -- 02/25/13 -- It's the biggest change to the federal tax code in the past 20 years. But, taxpayers are alarmingly unfamiliar with its impact. The Affordable Care Act -- aka health care reform -- carries changes that impact just about every taxpayer. A survey conducted by The Tax Institute at H&R Block (NYSE: HRB) found that 3 out of 4 taxpayers do not know what it takes to become eligible for health insurance under the new law.
H&R Block is the only tax preparation company providing clients with a free personalized review of how the health care law would impact them and has launched www.hrblock.com/healthcare for all taxpayers to "test drive" the new law.
The law, passed two years ago and upheld by the U.S. Supreme Court last summer, mandates that most individuals have health insurance by 2014 or pay a penalty via their tax return. Those who qualify could be eligible for government assistance to help pay their insurance premium.
"There certainly is an intersection of health care and taxes," said Roland Sabates, tax research manager with The Tax Institute at H&R Block. "This tax season will be one of historical significance -- both in terms of understanding what credits and deductions remain in the new tax laws, as well as how health care reform will impact taxes. This is not the year to go it alone."
Taxpayers to receive personalized health care and tax review
The survey conducted by The Tax Institute showed that 77 percent of consumers were unaware the 2012 tax return can be used to determine eligibility for health care benefits. The survey also found that 45 percent of Hispanic respondents were not aware of a possible tax penalty if they do not have health insurance.
Based on 2012 tax returns, H&R Block will provide taxpayers with information showing if they qualify for a subsidy and how much they can expect to pay out of pocket for the monthly premium. In addition, it will detail the possible penalty they would pay if they do not obtain health insurance.
Just who may qualify for a subsidy could surprise some taxpayers. For example:
- A family of four earning approximately $90,000 could be eligible for some government assistance paying for health insurance.
- A married couple with two minor children and income of $40,000 would owe approximately $170 a month for insurance and be eligible for government assistance. If they choose not to obtain insurance their penalty would be $285 for 2014 and $975 for 2015.
"This personalized tax and health care review will be an initial education for the taxpayer as to their options and provide them a solid foundation as they prepare to comply with the health care law later in 2013," said Sabates.
Take a test drive through health care reform
New for this tax season, H&R Block has launched a website -- www.hrblock.com/healthcare. The site is designed to educate consumers on the basics of the law and provide real-life examples of the impact on various taxpayers. This user-driven experience enables the taxpayer to get a sense of the impact of the law through examples of four different taxpayers based on where they live, their family size, income and current health care insurance status.
Taxpayers also can visit the website to access a calculator that can help them determine if they would be eligible for a subsidy.
New tax consequences also emerge from health care law
Beginning with the 2012 tax return, taxpayers who have health insurance through their employer may notice additional data on their W-2 detailing the cost of their employer-provided insurance. That information is for informational purposes only to help individuals understand the true cost of health insurance, but is not a taxable benefit to employees.
In addition, several provisions of the law go into effect:
- The threshold for deducting medical expenses for those who itemize moves up from 7.5 percent to 10 percent of adjusted gross income for most taxpayers.
- The cap on health flexible spending accounts goes from $5,000 to $2,500.
- There is an additional 0.9 percent Medicare tax on single filers with earned income in excess of $200,000 and married couples filing jointly with income of in excess of $250,000. The additional tax only applies to the amount of income above these thresholds.
"Universally, people don't understand what health care reform is, what they need to do and where to go for help," Sabates said. "There are so many intersections between the health care law and taxes, and that is where H&R Block is the expert and here to help."
About H&R Block
H&R Block, Inc. (NYSE: HRB) is the world's largest tax services provider. More than 600 million tax returns worldwide have been prepared by and through H&R Block since 1955. In fiscal 2012, H&R Block had annual revenues of $2.9 billion and prepared 25.6 million tax returns worldwide. Tax return preparation services are provided in company-owned and franchise retail tax offices by nearly 90,000 professional tax preparers, and through H&R Block At Home digital products. H&R Block Bank provides affordable banking products and services. For more information, visit the H&R Block Online Press Center.
About The Tax Institute at H&R Block
The Tax Institute at H&R Block is the go-to source for objective insights on federal and state tax laws affecting the individual. It provides nonpartisan information and analysis on the real world implications of tax policies and proposals to policymakers, journalists, experts and tax preparers. The Institute's experts include CPAs, Enrolled Agents, tax attorneys and former IRS agents.
Continuous processes around the development and deployment of applications are both impacted by -- and a benefit to -- the Internet of Things trend. To help better understand the relationship between DevOps and a plethora of new end-devices and data please welcome Gary Gruver, consultant, author and a former IT executive who has led many large-scale IT transformation projects, and John Jeremiah, Technology Evangelist at Hewlett Packard Enterprise (HPE), on Twitter at @j_jeremiah. The discussion...
Nov. 26, 2015 03:45 AM EST Reads: 683
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Nov. 26, 2015 03:00 AM EST Reads: 299
With all the incredible momentum behind the Internet of Things (IoT) industry, it is easy to forget that not a single CEO wakes up and wonders if “my IoT is broken.” What they wonder is if they are making the right decisions to do all they can to increase revenue, decrease costs, and improve customer experience – effectively the same challenges they have always had in growing their business. The exciting thing about the IoT industry is now these decisions can be better, faster, and smarter. Now ...
Nov. 26, 2015 02:00 AM EST Reads: 180
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound...
Nov. 26, 2015 01:30 AM EST Reads: 429
In today's enterprise, digital transformation represents organizational change even more so than technology change, as customer preferences and behavior drive end-to-end transformation across lines of business as well as IT. To capitalize on the ubiquitous disruption driving this transformation, companies must be able to innovate at an increasingly rapid pace. Traditional approaches for driving innovation are now woefully inadequate for keeping up with the breadth of disruption and change facin...
Nov. 26, 2015 01:00 AM EST Reads: 433
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Day 2 Keynote at 17th Cloud Expo, San...
Nov. 26, 2015 12:00 AM EST Reads: 521
Discussions of cloud computing have evolved in recent years from a focus on specific types of cloud, to a world of hybrid cloud, and to a world dominated by the APIs that make today's multi-cloud environments and hybrid clouds possible. In this Power Panel at 17th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists addressed the importance of customers being able to use the specific technologies they need, through environments and ecosystems that expose their APIs to make true ...
Nov. 26, 2015 12:00 AM EST Reads: 482
In his General Session at DevOps Summit, Asaf Yigal, Co-Founder & VP of Product at Logz.io, explored the value of Kibana 4 for log analysis and provided a hands-on tutorial on how to set up Kibana 4 and get the most out of Apache log files. He examined three use cases: IT operations, business intelligence, and security and compliance. Asaf Yigal is co-founder and VP of Product at log analytics software company Logz.io. In the past, he was co-founder of social-trading platform Currensee, which...
Nov. 26, 2015 12:00 AM EST Reads: 150
PubNub has announced the release of BLOCKS, a set of customizable microservices that give developers a simple way to add code and deploy features for realtime apps.PubNub BLOCKS executes business logic directly on the data streaming through PubNub’s network without splitting it off to an intermediary server controlled by the customer. This revolutionary approach streamlines app development, reduces endpoint-to-endpoint latency, and allows apps to better leverage the enormous scalability of PubNu...
Nov. 26, 2015 12:00 AM EST Reads: 278
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Nov. 25, 2015 10:00 PM EST Reads: 343
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem"...
Nov. 25, 2015 10:00 PM EST Reads: 391
I recently attended and was a speaker at the 4th International Internet of @ThingsExpo at the Santa Clara Convention Center. I also had the opportunity to attend this event last year and I wrote a blog from that show talking about how the “Enterprise Impact of IoT” was a key theme of last year’s show. I was curious to see if the same theme would still resonate 365 days later and what, if any, changes I would see in the content presented.
Nov. 25, 2015 09:00 PM EST Reads: 365
Apps and devices shouldn't stop working when there's limited or no network connectivity. Learn how to bring data stored in a cloud database to the edge of the network (and back again) whenever an Internet connection is available. In his session at 17th Cloud Expo, Ben Perlmutter, a Sales Engineer with IBM Cloudant, demonstrated techniques for replicating cloud databases with devices in order to build offline-first mobile or Internet of Things (IoT) apps that can provide a better, faster user e...
Nov. 25, 2015 08:30 PM EST Reads: 366
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 25, 2015 05:00 PM EST Reads: 302
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 25, 2015 03:45 PM EST