So I couldn’t resist posting this – funny, funny picture about Obamacare! Too soon to tell, but maybe the Democrats backed the wrong horse and are now trying to disqualify the jockey of the winner! Personally I am in favor of more universal health insurance, but I would rather private insurance companies would manage it and get tax credits and some regulation to have them toe the line rather than having the Federal Government be in charge. Uncle Sam has a history of making things more complicated , but balances it by making it 10 times more expensive than private industry, so why let them mess it up? For financial, accounting and tax musings, You can count on us to count for you! Email: bstonercpa@sbcglobal.net Phone: 818-317-6035 Website: www.briantstonercpa.com https://twitter.com/bstonercpa
Musings of a Burbank CPA: Black Friday 2013: 16 myths debunked
So if you are getting ready for the Black Friday After – Thanksgiving Sales, you might want to read this post in The Christian Science Monitor by The Dealnews Staff: http://www.csmonitor.com/Business/Saving-Money/2013/1107/Black-Friday-2013-16-myths-debunked-video As the authors say, the more you know, the better prepared you will be for the sales. Now try not to get trampled getting a deal on an Infinity game for your kids or a new case for your IPod! For financial, accounting and tax musings, You can count on us to count for you! email: bstonercpa@sbcglobal.net phone: 818-317-6035 Website: www.briantstonercpa.com https://twitter.com/bstonercpa
Tax Musings of a Burbank CPA: Saving Money By Paying More For Your Health Insurance!
So you have a small business and have a deduction for self employed health insurance that covers you and your family and has a certain amount of deductible plus your overall out of pocket costs each year. There may be cases where it makes sense to get a lower deductible plan and pay more for insurance. Since the insurance is deductible as self employed health insurance, you get to deduct it on page 1 of your individual tax return. You get the insurance deduction but your income may not let you take the medical deduction for the money you spend on the deductible, which is a medical expense on Schedule A, itemized deductions and gets reduced by 10% of your Adjusted Gross Income (unless you are 65 or over, then it is 7.5% of AGI.) Also, you may be subject to the Alternative Minimum Tax, which increases income by many itemized deductions, including medical expenses. So if it costs you $6000 a year for the insurance, and you earn about $200,000 from your business and other income. Let’s say your medical deductible goes from $10,000 out of pocket to $5,000, so it costs $1,000 more for your total medical but if you are in the 35% federal and state combined [...]