We've highlighted important aspects of the Affordable Care Act. If you do have questions, please contact us.
The net investment income tax goes into effect starting in 2013. This is a 3.8% tax on investment income if your modified adjusted gross income is over the following thresholds.
The following items are investment income for purposes of this tax:
This tax goes into effect starting in 2013. This is a .9% tax on wages and self-employment income only. The same income threshold amounts apply to this tax as to the Net investment income tax. Employers will withhold this amount if an employee makes over the threshold, but some taxpayers will meet the threshold through multiple wage sources. In this case, it won't be withheld from their wages, but paid with the tax return.
Individuals must purchase health insurance effective in 2014 or be subject to a penalty on their tax return. For 2014, the penalty is the greater of 1% of applicable income or $95. The penalty increases each year. The penalty amount cannot exceed the cost of a bronze health insurance plan purchased through the health exchange. Children will also be subject to the penalty, at the rate of 50% of the adult penalty. The person claiming the child as a dependent will be responsible for paying the child's penalty.
*There are several exceptions to the penalty.
Health Insurance prices will be determined by 4 factors
Premium Assistance Credit
This is a refundable credit available to help with health insurance costs based on income level. Insurance must be purchased through the government exchange to be eligible. May be eligible if employer coverage is unaffordable (if self-only coverage cost exceeds 9.5% of household income)
Businesses with more than 50 full-time equivalent employees that don't offer health insurance coverage or whose coverage is not considered affordable will have to pay penalties starting in 2015. Thirty (30) hours per week is considered full-time employment for this purpose. Part-time workers' hours are figured into the calculation to determine if you have 50 full-time equivalent employees.
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This tax season is an important one for many business owners because it’s the first that will be impacted by the Tax Cuts and Jobs Act (TCJA). How big of an impact is dependent on your unique situation. We’ve compiled this short list of provisions that may affect the business community:
According to Forbes.com, Super Bowl viewers traditionally load up on millions of pounds of less-than-healthy foods during the big game—including ribs, pulled pork, tortilla chips, nuts, popcorn and bacon—all washed down with beer (the Super Bowl beverage of choice). If you are trying to stick to your New Year’s resolution to eat better, consider a few healthy substitutes for the traditional Super Bowl eats:
The combination of running a business and your life and preparing for tax time can drive some people into a slight panic. But no need to get stressed if you are prepared. Now is the time to start organizing all documents required to file your tax return.