• California Tax for Health Care Coming in 2020!

    TAX ALERT! California revives the Health Care Penalty for 2020. Open Enrollment for health care in California started yesterday and if you elect not to purchase health care for tax year 2020, you may be subject to a health care mandate penalty of $695 per adult or $347.50 per child or 2.5% of household income, whichever is greater! While the penalty was removed at the federal level for tax year 2019, California is now implementing the penalty at the state level. But there is some good news! The income levels to qualify for premium assistance have been increased meaning more middle income folks may quality to have their health care premiums subsidized, effectively lowering your out of pocket costs for premiums. It is confusing so please contact Taxpros+ at 949-271-1200 if you have any questions about how your taxes may be impacted.  

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