What the Coronavirus Stimulus Means to You

The Coronavirus Aid, Relief, and Economic Security (CARES) Act was signed into law to help Americans and U.S. businesses survive the COVID-19 pandemic. Although I’ve downloaded the 247-page bill, I haven’t read all of it yet. However, here are some of the major provisions that might affect you and your family. The $1,200 and $500 each adult and child, respectively, will be receiving. First of all, not everyone will be receiving this money. The stimulus gives a tax credit to those who filed federal income tax returns in 2018 and/or 2019. So, if a person DID file a tax return

Say Goodbye to the Tax Penalty for Not Having Health Insurance

You can view this content on YouTube, or listen to it on my Podcast. The Affordable Care Act, also known as the ACA and Obamacare, included a provision that taxed most Americans who didn’t buy and keep in place a specific type of health insurance. The reasoning behind the tax was the expectation that if EVERYONE were insured, rates would go down. Not everyone agreed with this perspective and litigation was filed against the federal government. The Supreme Court ruling a few years later declared the Individual Mandate, the provision requiring the tax, constitutional because Congress has the power to

Update: Health Insurance and the Individual Mandate

When the Affordable Care Act (i.e., the ACA or ObamaCare) was originally enacted in 2010, a number of lawsuits were filed contesting its constitutionality. Many people were opposed to the federal government stipulating that most Americans had to be covered by a specific form of health insurance or be fined. (The ACA also required large employers to offer a specific form of health insurance to a certain percentage of full-time employees or be fined.) The Individual Mandate is the ACA provision requiring individuals to be covered by health insurance that meets specific requirements of federal law to avoid paying a