Health Insurance Archives - John R. Dundon II, Enrolled Agent

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Health Insurance

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?" ...

31 Oct Why is Halloween So Scary – 2015 Tax Planning Will Be Hugely Complicated and Profoundly Significant for most ALL Taxpayers

Posted at 00:00h in Gift Tax, Health Insurance, ObamaCare, Paying Taxes, Tax Guidance & Preparation

Once again another year is almost behind us and right after the new year income taxes are coming. The forthcoming tax environment is extraordinarilyÂ unusual and can subsequently be very scary. Basically what you need to know is that ALL Americans will be seeing changes on...

04 Aug Tax Considerations When Supporting Parents

Posted at 00:00h in Deductible Expense, Dependent, Family, Filing Status, Health Insurance, Tax Deductible Expenses, Tax Filing Status, Tax Guidance & Preparation

As I have been helping my Mom transition into life as a widow many interesting facts have begun to resonate. Particularly intriguing for me today underÂ Regs. Â§1.2-2(b)(4)Â parent(s) can be claimed as a dependent if you meet the usual support, citizenship, gross income, and joint return...

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...

08 Mar IRS Notice 2008-1 Health Insurance Costs of 2% Shareholder-Employees

Posted at 00:00h in Corporation, Health Insurance, Small Business, Social Security Tax, Sub-chapter S, Tax Guidance & Preparation

Under IRS Notice 2008-1,Â if you are an owner of more than 2% of an S corporation and you have a health insurance policy in your name withÂ premiums paid by the corporationÂ basicallyÂ a plan has been establishedÂ by the corporation for you the shareholder.Â This isÂ not a self insured...

01 Mar Health Insurance Premium Tax Credit

Posted at 00:00h in Health Insurance

The IRS has issued final regulations, TD 9611, relating to the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010. These final regulations provide guidance to individuals related to employees...

25 Oct Self Employed Health Insurance Insurance Deduction: Worksheet v. IRS Publication 535

Posted at 00:00h in Deductible Expense, Health Insurance, Partnership, Self Employ, Small Business, Sub-chapter S

If you qualify to take the deduction, use the Self-Employed Health Insurance Deduction Worksheet to figure the amount you can deduct. However useÂ IRS Publication 535Â instead if any of the following applies. You had more than one source of income subject to self-employment tax. You file...

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,...

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08 Feb IRS Form 1040 Schedule C: Profit or Loss from Business

Posted at 00:00h in Accounting Method, Business Expense, Business Income, Car expense, Depreciation, Disallowed Expenses, Employee Business Expense, Entity Classification, FICA, Health Insurance, Hobby, Home Office, Husband/Wife, IRS Form 1040 Schedule C, Medicare, Net Operating Loss, NOL, Passive Activity, Self Employ, Small Business, Social Security, Social Security Tax, Sole Proprietor, Start up costs, Sub-chapter S, Tax Guidance & Preparation, Tax Problems & Requests

IRS Form 1040 Schedule C: Profit or Loss from Business can be a tough form to work through.Â Tread lightly and seek guidance. The sole proprietorship or single member Limited Liability Corporation (LLC) is in my opinion the easiest type of business entity to set up...