Posted on 10/18/2013 11:44:00 AM PDT by MrChips
Please respond if you know.
(crickets)
That’s from 2011. I am wondering what will happen in the Obamacare world of 2014.
Should we be looking at the tax code or the Affordable Care Act for the answer?
Gawd! I suck at pop quizes.
I think that has already gone away.
why dont you ask your cpa?
This was just another of the various lies spouted by the Tyrant, who said that there would not be any tax increase on the middle class.
I don't think it will happen in 2014, but 15 will be a devistaing year ... IMO.
By 2015, we'll probably be bemoaning increased police surveilance and intrusion, while rules and regulations will continue to be implimented and we'll be here .... spitting all over our keyboards, madder'n hell ... and one or two steps from being neutered
I'm already well on the way to just not file any tax returns after 2013.
Seems to be the only solution.
They can't hire enough IRS agents or law enforcement agents to apprehend and prosecute or build enough prisons for all 300 million+ of us.
My sister works for H&R Block. If there’s a problem here, it’s my translation. There already is a line on your 1040 to take off self-employment insurance. My understanding is it’s dollar for dollar. How it may work with Obamacare is up in the air. The government doesn’t know yet and may not print the forms before February ‘14. What also hasn’t been decided is how you’ll report whether your insurance meets or doesn’t meet the law and how to calculate the fine if it doesn’t.
(This is me.) Also, your out of pocket went up with your new insurance. How you’ll handle that...probably if it doesn’t meet the required percentage of your income it won’t be deductible.
Cheers !!!
DO YOU PAY OBAMACARE WITH BEFORE OR AFTER TAX DOLLARS???
Interest rates will be going up as well.
The water is heating up.
The code section that provides for the health insurance deduction for self employed is Section 162. There are no amendments to this code section that were affected by Patient Protection act. Therefore, it is somewhat safe to conclude that this deduction will still be available. However, its congress and we know that congress is capable of changing its mind on a whim.
This deduction and the subsidy for health insurance raises a number of tax planning issues:
Do you take the subsidy currently and have a reduced deduction which could cause you to loose the deduction.
Do you use the higher priced Gold plans which cost more but also increase this deduction which could qualify you for a subsidy that offsets the higher cost.
How much input does Congress have? Obama/Sebelius just unilaterally amend the law every other day. That's why it's fruitless to plan ahead based on what you know today.
Well....some one has to pay for the 40 million who will get subsidized health insurance via Obamacare. I am sure every middle class and up will pay more in taxes in one form or another.
chech here MrChips http://www.nfib.com/business-resources/healthcare/tax-information
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