The U.S. Supreme Court ruling earlier this year has drawn attention to the Patient Protection and Affordable Care Act of 2010. The act includes some significant tax-related provisions affecting individuals that are scheduled to take effect in 2013 and 2014, unless Congress repeals them or takes other action. In addition, businesses face a variety of tax-related compliance requirements under the act, though certain small businesses may be eligible for a tax-saving opportunity. What both individuals and businesses need to do now is plan and prepare.
Individuals -
The health care act’s tax provisions combined with other scheduled tax increases mean that many taxpayers should consider taking certain steps before year end to help minimize the impact.
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