by mariettacp | Jul 20, 2012 | Money Tips
Adult dependent insurance coverage: Changes the definition of “dependent” for purposes of Sec. 105(b) (excluding from income amounts received under a health insurance plan) to include amounts expended for the medical care of any child of the taxpayer who...
by mariettacp | Jul 19, 2012 | Money Tips
Change to cellulosic biofuel producer credit (Sec. 40): Excludes from the definition of cellulosic biofuel any fuels that (1) are more than 4% (determined by weight) water and sediment in any combination or (2) have an ash content of more than 1% (determined by...
by mariettacp | Jul 17, 2012 | Money Tips
Expansion of adoption credit, adoption-assistance programs: Maximum adoption credit was increased and, for adoption-assistance programs, the maximum exclusion was increased. (Effective 2010; scheduled to expire at end of 2012.) Charitable hospitals (Secs. 501(r) and...
by mariettacp | Jul 17, 2012 | Money Tips
Obamacare Imposes New Penalties Effective Tax Year 2014 Its official, in a 5-4 decision, the U. S. Supreme Court upheld the mandate which requires citizens and legal residents to maintain minimum health care coverage. The courts held that payments required by...
by mariettacp | Jul 16, 2012 | Money Tips
Obama Care… Tax on indoor tanning services (Sec. 5000B): 10% tax on amounts paid for indoor tanning services. (Effective 2010.) Health flexible spending arrangements (FSAs) (Sec. 125(i)): Maximum amount available for reimbursement of incurred medical expenses...
by mariettacp | Jul 13, 2012 | Money Tips
Fees on health plans (Sec. 4375): Fee is imposed on each specified health insurance policy. (Effective Oct. 2012.) Excise tax on high-cost employer plans (Sec. 4980I): Excise tax on coverage providers if the aggregate value of employer-sponsored health insurance...
