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Tag: return
#4357698 - 11/16/13 06:37 PM How Obamacare will affect your federal tax return
TexasBlue Offline
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Registered: 02/03/05
Posts: 5340
Loc: Minnesota
How Obamacare will affect your federal tax return

Teresa McUsic
Ft. Worth Star-Telegram
Friday, Nov. 15, 2013


Politics aside, the Affordable Care Act could affect your federal taxes this year and in years to come.

To help his clients, Marty McCutchen, a Fort Worth certified public accountant, has written The Pocket Guide to Obamacare.

“It’s an 80-page book written in plain English,” he said. “I try to boil it down to make it simpler.”

The paperback guide doesn’t cover how to pick insurance, just the tax implications of the law, he said.

The self-published guide is available for free, McCutchen said. You can ask for a copy to be mailed to you at his website, www.CPAinDFW.com.

The law’s tax implications aren’t as large as when President Ronald Reagan rewrote the tax code, but they are significant, said Blaise Bender, a CPA and attorney in San Antonio who will give a two-day class for local CPAs on federal tax updates in January.

“Historically, I would compare it to when President Carter implemented the windfall profit tax,” he said. “People don’t understand that there are tax implications.”

The two biggest changes, Bender said, are the penalty for not buying insurance and the additional tax, called a Medicare surtax, starting on wealthier households.

If you don’t buy insurance for next year, the penalty is relatively small — $95 per adult and half that per child, Bender said.

“A family of four with a $54,500 income would have a $272 penalty in 2013,” he said. “But by 2016, that penalty will increase to $2,085. Many families are dependent on their tax refund, and the penalty will be deducted from that.”

For those with much higher incomes this year ($250,000 in adjusted gross income for a married couple) the Medicare surtax will add a tax of 3.8 percent on net investment income and 0.9 percent on compensation, Bender said.

“That’s a big deal from a tax preparation standpoint,” he said. “Many who are getting taxed may not be paying enough in terms of withholding now and will owe that tax when they file.”

One possible way to lower your income and avoid the tax is to invest in a Roth IRA or convert a regular individual retirement account to a Roth IRA, he said.

Susan Adams, president-elect of the Fort Worth chapter of the Society of CPAs, said some employees are also having to make health insurance decisions for the first time if their employer drops coverage and pushes them to the new federal healthcare exchange.

“A lot of people are afraid because they haven’t had to make that decision before and are confused about the subject,” she said. “A lot of education is required.”

Adams, who works for Huselton, Morgan and Maultsby in Dallas, said many are also unaware that they are eligible for tax credits to help pay insurance premiums.

“The income levels are pretty high for the credit,” she said. “It goes up to 400 percent of the poverty level, which can mean a modified gross income in the $90,000s for a family of four.”

She cautions that the tax credit is based on estimated income.

“If your taxable income goes up when you file in 2015, you may have to refund the subsidy you got in 2014,” she said.
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#4357701 - 11/16/13 06:39 PM Re: How Obamacare will affect your federal tax return [Re: TexasBlue]
TexasBlue Offline
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Loc: Minnesota
We're in the freeloader signup period right now. After that will follow the forced compliance period. This begins Jan 1, 2014.

Americans are used to freedom and this is not freedom. The tax-paying middle class will be outraged to learn that it's they alone who are paying. Not the evil rich or corporations. The young will rebel against being told what to do. These people will eventually ask "How did this happen? Why didn't anyone at least try and stop it?"

It'll become clear that someone did.... and they got burned by the leftist media in the process. If you don't want the cost of government programs imposed upon you, don't advocate that they be imposed upon others.
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#4358303 - 11/17/13 04:49 PM Re: How Obamacare will affect your federal tax return [Re: TexasBlue]
MaudlinElephant Offline
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Registered: 04/21/07
Posts: 1526

They can have their pyramid scheme. That's all Obamacare is when you get right down to it.

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#4358414 - 11/17/13 08:54 PM Re: How Obamacare will affect your federal tax return [Re: MaudlinElephant]
dblboggie Offline  

Urban Myth

Registered: 01/26/05
Posts: 50820
Loc: Nowhere... I'm a Myth!
Actually, it's a ponzi scheme... much like Social Security... and all of it, Obamacare, Social Security, Social Security Disability, Medicare, Medicaid, SCHIP, food stamps, Section 8 housing, all forms of welfare for that matter, they're all simply the execution of the Cloward-Piven strategy. And it's working as planned. And as long as we keep electing Democrats/socialists/RINO'S/Marxists/"progressives"/"liberals" into office, that strategy will come to fruition. Actually, it's most likely that it is already too late to turn this around. Nearly half the nation is on some form of welfare even as I type this. I'm guessing the moochers and parasites will "win," much to their detriment and thus dismay.
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#4358530 - 11/18/13 04:50 AM Re: How Obamacare will affect your federal tax return [Re: dblboggie]
MaudlinElephant Offline
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I don't think it's quite the same as SS because (in a world where a government runs things efficiently) the user gets their ends back if they so choose with SS.

With Obamacare, there's no such thing. The lower tiers pay more for something with the only positive that they'll pay less (most certainly not nothing) later on. When you consider that by the time they use it, the costs of medicine, which is the real underlying problem behind all of it, will continue to raise and they'll end up paying more later anyway. It's just...stupid.

As I've said before I have no problem with a National Healthcare system. Obamacare is NOT that.

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#4358958 - 11/18/13 04:50 PM Re: How Obamacare will affect your federal tax return [Re: MaudlinElephant]
dblboggie Offline  

Urban Myth

Registered: 01/26/05
Posts: 50820
Loc: Nowhere... I'm a Myth!
Originally Posted By: MaudlinElephant
I don't think it's quite the same as SS because (in a world where a government runs things efficiently) the user gets their ends back if they so choose with SS.


First of all, the government NEVER runs ANYTHING more efficiently than the private sector. It is an impossibility thanks to human nature. Governments, or at least the government agencies and bureaucrats which administer things like Social Security, do not have to please those who rely on those services. And since they run on the public dime, they don't have to operate efficiently - this is why so many government agencies are bloated to the point of bursting (the budget anyway) with hoards of callous and uncaring people who could give a hot-damn whether you're happy with their service or not. At least in the private sector they have to make an effort to please customers as those customers can always seek satisfaction with their competitors.

Second, Social Security is going BROKE! So it won't be that long before there will be no money left to pay out without dramatically increasing taxes on those people still foolish enough to be working and paying taxes.

I don't think you get it Maud. We can't keep taking from the productive to give to the unproductive forever. At some point, the people realizing they can simply stop working and still survive on the welfare of the producers will continue to vote for those who promise to increase their idle comfort and these will do so until the whole thing blows up in all of our faces and the economy tanks and we plummet into yet another depression.

That is the track record of socialism EVERYWHERE it has been tried. It can only work for so long, and then the producers get wise and slowly but surely they join the ranks of the unproductive. This is human nature. It always seeks the path of least resistance.

Originally Posted By: MaudlinElephant
With Obamacare, there's no such thing. The lower tiers pay more for something with the only positive that they'll pay less (most certainly not nothing) later on. When you consider that by the time they use it, the costs of medicine, which is the real underlying problem behind all of it, will continue to raise and they'll end up paying more later anyway. It's just... stupid.


As for the bolded part above... that is most certainly NOT the underlying problem behind all of it!

I can remember a time when health care was quite affordable. I came from a low-income family of 8 who never were able to own our own home. And yet my father made enough to afford the birth of 8 children and we could afford to have our family doctor make house calls!

No, the skyrocketing costs of healthcare are a SYMPTOM of the REAL problem underlying our healthcare woes. That problem is GOVERNMENT! It is the MASSIVE increase in government control and regulations in the fields of healthcare and health insurance that have driven up the costs, decade after decade!

It was the introduction of Medicare and Medicaid by LBJ in the 60's that marked the beginning of the end for true free market health care. And it has only gotten worse as more and more people began depending on those two programs, forcing healthcare providers that accept Medicare and Medicaid to meet ever more stringent, invasive, complex regulatory demands until it was necessary for an entire new industry to be created just to freaking deal with the nightmare of paperwork and red tape that only a government agency can do so damn well.

THERE'S your real culprit. It is the federal government and the leftists that dominate it that have created the nightmare we are now living. And they don't have to fucking please you one iota. You stand there with your hand out and you just have to take whatever it is they decide to give you, whenever they decide to give it to you. And you can bet your sweet bippy they are in no hurry to get it to you!

Originally Posted By: MaudlinElephant
As I've said before I have no problem with a National Healthcare system. Obamacare is NOT that.


If you think Obamacare is bad, nationalizing health entirely would be a thousand times worse!

If the government can't even run a simple insurance exchange, how on earth do you think they'd do with running the whole shebang???

Honestly, who on earth would even think that the government could run and entire fifth of our economy with any sort of efficiency at all???

Are you just not paying any attention to the things the government is currently "running" (into the ground I might add)?

ALL of our welfare programs are running on dollars we borrow from China. Social Security and Social Security Disability are run like a ponzi scheme now, with current workers paying for retired workers and even that is set to explode in the next 15 years or so, and that's contingent on employment numbers somehow getting back to 5 percent or so. Amtrak is broke, the Postal Service is broke, hell, there's NOTHING the federal government runs at anything like a profit or anything even remotely resembling efficient.

Did you know, that the GAO, CBO and OMB cannot even agree on just how many federal agencies and programs being funded by taxpayers EXIST!!! The 3 freaking agencies that are supposed to have a handle on such things DON'T FREAKING KNOW HOW BIG THEIR OWN GOVERNMENT IS!!!

And you want to give these bozos total control over your freaking life!?!?!?!?

Give liberty over the alleged "security" of a government-run healthcare system ANY freaking day!
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#4359224 - 11/19/13 06:03 AM Re: How Obamacare will affect your federal tax return [Re: dblboggie]
MaudlinElephant Offline
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Registered: 04/21/07
Posts: 1526

DBL, do you think anyone actually believes your nonsense?

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#4359326 - 11/19/13 09:50 AM Re: How Obamacare will affect your federal tax return [Re: MaudlinElephant]
dblboggie Offline  

Urban Myth

Registered: 01/26/05
Posts: 50820
Loc: Nowhere... I'm a Myth!
Only those with the presence of mind to pay attention to what is really going on around them. To the ideologically rigid, no amount of truth will change their minds. They drank the koolaid, they "believe."

You cannot change history, socialism has never worked. Even as I type this it is unraveling here and in Europe. You can either close your eyes to the truth or accept it and change your mind and behavior accordingly.

You need to open your eyes Maud. Read a book or two not written by deranged leftists. It's a "brave new world" out there, and those leftists who are trying to design it care nothing about your liberty or your wellbeing.
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#4359493 - 11/19/13 03:51 PM Re: How Obamacare will affect your federal tax return [Re: MaudlinElephant]
TexasBlue Offline
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Registered: 02/03/05
Posts: 5340
Loc: Minnesota
Originally Posted By: MaudlinElephant

DBL, do you think anyone actually believes your nonsense?


As always, DBL is harsh in his explanationsbiggrin...... but can you refute what he said?
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#4360232 - 11/20/13 06:58 PM Re: How Obamacare will affect your federal tax return [Re: TexasBlue]
dblboggie Offline  

Urban Myth

Registered: 01/26/05
Posts: 50820
Loc: Nowhere... I'm a Myth!
Apparently not... though I'd love to see the effort made.
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