Do you have long-term care insurance? If you don’t, you really should consider getting some. Here’s why… FACT #1: Between ages 40 and 50, on average, 8% of people have a disability that could require long-term care services FACT #2: 70% of people turning age 65 can expect to use some form of long-term care during their lives On a happier note, you should know that if you … [Read more...]
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How to avoid the $100-per-day penalty of the Affordable Care Act
Are you worried about violating the Obamacare rules and exposing yourself to the $100-per-day penalty? Relax! We’ll give you the assistance you need to put you on the road to recovery. The IRS will be looking very closely at how you reimburse employee health insurance bought on the individual market—if you aren’t careful, you may unintentionally violate the Affordable Care … [Read more...]
IRS Axes 2014 Obamacare Penalties, Amend the W-2s
There’s good news from the IRS! You read that right. As you’ll learn when you read my new article, Uncle Sam has some very good news for you… If you didn’t comply with Obamacare rules in 2014, the IRS likely gave you a big out of those severe $100-a-day penalties! If you did comply with Obamacare rules, you may have overtaxed your employees and, thanks to the new IRS … [Read more...]
How to get your Section 125 plan up and running
It’s a fact… Setting up a tax-advantaged Section 125 plan is a great way to provide health insurance for both you and your employees. There many great reasons for this. Here are just two: A Section 125 plan makes your business more competitive by attracting and retaining the best employees. You save payroll taxes on every tax-free dollar your employees pay for premiums. … [Read more...]
When you can (and can’t!) deduct mortgage insurance
The tax law used to help a lot of people by letting them deduct the cost of mortgage insurance. But times change, and in 2013 many of these deductions were no longer allowed. How does the current law treat deductions for government or private mortgage insurance on homes, rentals, and home-offices? You’ll find out when you read my new article titled Tax Tips: When You Can … [Read more...]