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So don't. It's easy to set up your W2 forms with your employer, so that they never take out quite enough from each paycheck, and you owe a small amount on April 15 every year. Your paychecks will be bigger, too.
I never get a refund. I plan it that way. I will NOT "loan" the gov't. money interest free.
It doesn't always work that way for everyone. Some people have a lot of deductions for children, mortgages, and other things. And if your income is lower AND you have these deductions, you probably will get a refund, in which case there's where your penalty comes from.
You can change your deductions and figure out how NOT to get a refund.
Why do you call it a loophole? It is the way the law was written which EVERY member of Congress read before they voted for it.
Except for the fact that no member of Congress read the legislation before they voted on it. Or have you forgotten Pelosi's infamous quote, "We have to pass the bill to know what is in it."
Do you own property? How about a bank account? All things that can be seized for back taxes.
No, I do not own property. What, are they going to take my 2004 Kia that doesn't even run? Oh noes!
Bank account....my money doesn't go in to my account until I want it to go in there....and when it does, it is immediately used for bills. However, I can easily pay my bills other ways, without using a bank account.
As for back taxes, I pay my taxes. I don't get a refund. I will owe nothing.
Im surprised you dont carry Health insurance? But I can see why paying a tax for not having heath care insurance is not big on your list of things to do.
But yes you dont have to sign up. ACA is a law which allows Americans access and choice to heath care insurance.
You know, I had a choice in healthcare BEFORE the ACA. And it cost less. Now? Nope. So no, I will not sign up to have someone steal from me.
It's true. It'll be more costly when the fine grows. Like most folks that don't pay their taxes, the fine will grow, and you'll eventually pay your back taxes. They'll put a lien on your house.
No, they are not allowed to put a lien on your house. They can only deduct the fine from your tax refund, and if you don't get a refund (simple to arrange) they have zero enforcement powers. The Obamacare Penalty: Yes, It Can Be Avoided - Yahoo Finance
Quote:
Originally Posted by yahoo
We asked Mark Luscombe, principal analyst at CCH Tax & Accounting North America, about that. Turns out Limbaugh is essentially right....
“If you don’t pay it, all they can do is wait until they owe you some money and take that. Or probably just send you a letter every now and then reminding you that you owe money to the IRS,” says Timothy Jost, a professor at the Washington and Lee University School of Law and coauthor of the casebook “Health Law.”.... .
The law also prohibits the IRS from using liens or levies
The amazing thing is that this was passed over three years ago, has been fully in operation for almost a month, and yet still very few people understand anything about what the legislation does.
The amazing thing is that this was passed over three years ago, has been fully in operation for almost a month, and yet still very few people understand anything about what the legislation does.
This part:
Quote:
The law also prohibits the IRS from using liens or levies to collect any “payment you owe related to the law, if you, your spouse or a dependent included on your tax return does not have minimum essential coverage,” according to the IRS. That means the IRS cannot go into someone’s “checking accounts anyway and just take the money,” as one of Limbaugh’s callers suggested the Obama administration might just do.
Except for the fact that no member of Congress read the legislation before they voted on it. Or have you forgotten Pelosi's infamous quote, "We have to pass the bill to know what is in it."
" Or have you forgotten Pelosi's infamous quote,..." I was being sarcastic.
What IRS has mentioned at if any individual is under tax debt, it can recover it through wage garnishment, tax lien or tax levy. IRS has been provided with such huge powers by the government that nobody has the power to over rule it. If a particular person is not in the state of giving tax amount, IRS can exempt him for such time until his monetary stability comes to normal it may be the period of more than five years.
'Saw this link on Drudge, and it's from Rush.... according to his tax accountant, the IRS cannot garnish wages, issue a lien, take property, etc., to collect the fines for not having insurance. I suppose the law was written this way so as not to 'disturb' the people who can't afford it to begin with. The problem is, according to the code, is that they can only take the money if you are owed a tax refund. ?? Is this a loophole?
This is nothing new. This has been known since the passage of the law.
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