At Bullock, Garner, & Leslie, we are fielding questions from individuals and business owners about the impact of the Affordable Health Care Act and the tax penalties and credits associated with the program. As we’re now one week into reviewing the new Health Care Exchange plans, we remind you that step 1 may be to determine whether you are eligible for a subsidy.

Many Americans will be eligible to reduce the cost of these plans through a subsidy. If you do not have health insurance through an employer and your household income is between 133% and 400% of the federal poverty level, you will be eligible for a tax credit. For a family of four, that means household income falling below $94,000 may be eligible for a tax credit.

Applying for a subsidy is done through the Florida exchange and will take about 40 minutes. You’ll need your 2012 tax return handy to fill out income and family information.

As you begin to navigate the Florida health care exchange, keep in mind the importance of accurate income filing through your personal tax records. At Bullock, Garner, & Leslie, we are your Melbourne CPA firm to help you file accurate, timely, and cost-effective returns to help save you money!