Ep 9: New tax forms from healthcare reform discussed with PJ Wallin

In this episode of the Surviving Healthcare podcast, you will hear about one of the scariest subjects; taxes, especially the impact of the Affordable Care Act on taxes, tax forms and tax strategies. My guest for this journey is PJ Wallin, a CPA and certified financial planner with more than a decade of experience in the financial and accounting industries. Mr. Wallin recently founded Atlas Financial Group, which promises to provide its clients with the guidance to reach their fullest potential.

 

You get an explanation of the difficult aspects of planning for the new changes, especially when it comes to the new marketplace and the tax implications of health insurance subsidies. Mr. Wallin takes us through the tax return process step-by-step and shows us why it's necessary to plan everything for the next year ahead of time. He also explains what can happen when income is inconsistent from year to year, and how to prepare for that and avoid ending up with a large tax bill.

We also learn which documents you can expect to get during tax season and why you will have to account for them when you file your taxes. And we talk about the potential impact of group plans on your taxes. There are also potentially serious penalties for failing to have health insurance that could impact your tax bill.

 

Our conversation ends with a discussion of the effect of Medicare surtaxes on your tax return, as well as predictions as to the future of taxes and health insurance, and why taxes shouldn’t affect your need to sign up for insurance in a timely manner. Mr. Wallin also suggests ways insurance companies and employers could improve things, particularly by helping customers keep track of their coverages and costs.

 

To read more about this episode or check out other guests and topics, visit surivivinghealthcarepodcast.com