Tag Archives: Obamacare

Will You Qualify for Small Business Health Care Tax Credits?

You may qualify for employer health care tax credits if you have fewer than 25 full-time equivalent employees making an average of about $50,000 a year or less. Our Bergen County CPA office offers you insight to this. To be eligible, you must cover at least 50 percent of the cost of single (not family) health care coverage for each… (more…)

Business Update: No Penalty if You Missed October,1 Deadline

    October 1 was the original deadline for employers to provide their workers with a notice about the state health insurance exchanges created by the Affordable Care Act. Our Bergen County CPA office offers you insight to this. Failure to comply could have resulted in fines of up to $100 per day. The U.S. Department of Labor recently announced… (more…)

Have a Financial Talk With Elderly Parents

  One day you may find yourself taking care of an elderly parent who is in declining physical or mental health. This can be stressful, both emotionally and financially. On the financial side, there are steps you can take to prepare for this situation. Talk to your parents about their financial affairs. Parents may be reluctant to discuss their finances,… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number Seven

Our final tax tip is here for strategizing against the 3.8% Medicare tax to fund Obamacare. As we indicated in our previous blogs, the additional 3.8% tax on investment income, commencing in 2013, affects individuals with modified adjusted gross income (MAGI) of $200,000 or more and married couples with a MAGI of at least $250,000. If you fall into one… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number Six

A provision of President Obama’s health care law imposes a second Medicare tax on investment income for Americans classified as wealthy, effectively raising taxes on investment income and taxing investors twice. As we indicated in our previous blogs, the additional 3.8% tax on investment income, starting soon in 2013, affects individuals with modified adjusted gross income (MAGI) of $200,000 or… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number Five

In our previous blogs, we have been telling you about the additional 3.8% tax on investment income that will be commencing in 2013. The tax not only applies to individuals as we have previously covered, but it also applies to estates and trusts, on the lesser of undistributed net income or the excess of the trust/estate adjusted gross income (AGI)… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number Four

Did you hear?  Your interest, dividends, and capital gains may be subject to yet to an additional tax next year. To reiterate, the additional 3.8% tax on investment income, is coming next year, and it will affect individuals with modified adjusted gross income of $200,000 or more and married couples with at least $250,000.  This will result in paying 3.8%… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number Three

As we indicated in our prior blogs, the additional 3.8% tax on investment income, will commence in 2013.  It applies to most joint filers with adjusted gross income above $250,000 and single filers with adjusted gross income above $200,000. Adjusted gross income is the number at the bottom of the front page of form 1040; it includes interest, dividends, capital… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number Two

As we indicated in our previous blogs, the additional 3.8% tax on investment income, commencing in 2013, affects individuals with modified adjusted gross income (MAGI) of $200,000 or more and married couples with a MAGI of at least $250,000.   If you fall into one of these categories, you’ll pay 3.8% more in federal income tax on the lesser of your… (more…)

Tax Planning for the 3.8 Percent Medicare Tax: Tax Tip Number One

Nobody wants to pay more taxes, but for many of you, you may have no choice in this matter, thanks to Obamacare.  We decided to share some tax tips, in our next seven posts to try to help you plan better to avoid this particular tax commencing in 2013, and to preclude any surprises during your tax preparation.  Better you… (more…)