Health Care Tax Credit Archives - John R. Dundon II, Enrolled Agent

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Health Care Tax Credit

01 Dec Navigating Health Savings Accounts and Other Tax-Favored Plans

Posted at 00:00h in Business Expense, FSA, Health Care Tax Credit, Health Insurance, HEalth Savings Account, HRA, HSA, Medical Expenses, Medicare, MSA

Over Thanksgiving I was asked to explain in basic sound bite terms the federal tax implications of the various health savings options. Caught off guard I stammered as eyes glazed over, heads drooped, and relatives closest to me pounced.Â It was brutal. "Aren't youÂ an Enrolled Agent?" ...

27 Aug Affordable Care Act Final Regulations Regarding Minimum Essential Coverage Maintenance

Posted at 00:00h in Affordable Care Act, Excise Tax, Health Care Tax Credit, Health Insurance, Paying Taxes, Penalty, Tax Guidance & Preparation, Tax Preparer, Tax Problems & Requests

The IRSÂ released final regulations regarding minimum essential coverage maintenance required under the Affordable Care Act for individual taxpayers under IRC 5000A governing the shared responsibility payment. The document is 75 pages long and I'll be reviewing it over the next couple of days but I've pulled...

07 May ObamaCare’s Health Insurance Premium Tax Credit Proposed Regulations

Posted at 00:00h in Affordable Care Act, Health Care Tax Credit, Health Insurance, ObamaCare

The Affordable Care ActÂ or ObamaCare was passed almost three years ago with the goal of extending quality health insurance coverage to more Americans and it becomes fully effective January 1st 2014.Â To encourage compliance, the Act for all intents and purposes takes a carrot-and-stick approach as...

25 Jul IRS Forms 8941 + 3800 Calculating + Claiming Small Business Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Tax Credit

For tax years 2010 to 2013, the maximum credit for eligible small business employers under the Small Business Health Care Tax Credit is 35 percent of premiums paid and for eligible tax-exempt employers the maximum credit is 25 percent of premiums paid.Â Beginning in 2014,...

A person holding up two guns in the air.

27 Jan Qualified Medical Expense Tax Deductions for Long Term Care Services

Posted at 00:00h in Health Care Tax Credit, Health Insurance, Medical Expenses

Medical expenses include amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease under IRC 213, as well asÂ amounts paid for qualified long-term care services under IRC 7702B.Â You may deduct certain medical expenses thatÂ are paid during the year and that are not compensated for...

16 Nov IRS Form 8941 Small Business Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Self Employ, Small Business, Sub-chapter S, Tax Credit

Check out IRS Form 8941, Credit for Small Employer Health Insurance Premiums (PDF) if you are interested in the small business health care tax credit. Many small employers that pay at least half of the premiums for employee health insurance coverage under a qualifying arrangement may...

10 Jun Small Business Health Insurance Credits-Patient Protection-Affordable Care Act 2010

Posted at 00:00h in Business Expense, Disallowed Expenses, Health Care Tax Credit, Health Insurance, Self Employ, Small Business, Sub-chapter S, Tax Credit, Tax Deductible Expenses, Tax Relief

The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010.Â The Act makes a credit available to small employers who pay at least 50% of...

03 Dec IRS Helps Small Employers Claim New Health Care Tax Credit; Forms and Additional Guidance Now Available on Small Business Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Small Business

The Internal Revenue Service today released final guidance for small employers eligible to claim the new small business health care tax credit for the 2010 tax year. Todayâ€™s release includes a one-page form and instructions small employers will use to claim the credit for the...

07 Sep IRS Releases Form 8941 to Help Small Businesses Claim New Health Care Tax Credit

Posted at 00:00h in Health Care Tax Credit, Health Insurance, Tax Credit, Tax Guidance & Preparation, Tax Relief

The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations...

16 Jun Affordable Care Act Provides Expanded Tax Benefit to Health Professionals Who Received Student Loan Relief for Working in Underserved Areas

Posted at 00:00h in Children, Health Care Tax Credit, Health Insurance, Student Loan

As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward those who work in underserved...