Affordable Care Act Premium Tax Credit

With the implementation of the Affordable Care Act, also known as “ObamaCare,” health care coverage is now required. This can be a heavy burden when you’re on a tight budget. Luckily, the IRS has allowed for a premium tax credit for those who have moderate incomes and need help paying for their health care coverage. According to the IRS, you generally have to meet these three rules to be eligible for the premium tax credit: Get health insurance coverage through the Health Insurance Marketplace Have a household income between one and four times the federal poverty line Not be eligible for other coverage, including Medicare, Medicaid, or sufficient employer-sponsored coverage Be … [Read more...]

How to Prevent a Tax Headache

Is your tax headache coming? From collecting documents to reviewing write-offs, this can be a stressful time of year. The hardest part, especially for business owners, is the fear that you will owe more than you can handle. The best thing you can do during tax season to stop worrying is get organized. Knowledge is power. Figure out what papers you need, what deductions you’ll be claiming, and how you are going to file (online software, tax professional, etc.). Once your information is complete, you’ll know how much you owe, or how much you’ll be receiving. If you owe money, there are solutions that can help relieve some of the burden, as this Yahoo! Finance article explains. Not paying … [Read more...]