While the employer mandate portion of the Affordable Care Act (ACA) is delayed until 2015, there are parts of the law that are now in effect. One potential problem is waiting for people without insurance or with health insurance that fails to meet the law’s standards. There will be charges added to your taxes next year if your plan does not comply with the law, or if you are not insured.
The provisions are a little tangled, and you can find the details here. Briefly, for a family the charge applied to your 2014 tax bill will be $285 or 1% of your income. As you budget for the holidays, don’t forget to include this bill waiting for you next spring along with your holiday charges.
If you don’t meet the law’s standards you will pay more in taxes. Don’t be surprised, plan now!