Affordable Care Act - CAPATA CPA

Three kinds of accounts that offer tax-advantaged funding of health care expenses

March 7, 2023June 27, 2018

The impact that the Affordable Care Act of 2018 will have on health care is still not completely clear. It makes understanding how to leverage any tax-advantage ways to fund these expenses important. Here is a quick comparison of three accounts that you should know about: HSAs If you’re covered by a qualified high-deductible health plan (HDHP), you can contribute pretax income to an employer-sponsored Health Savings Account — or make deductible contributions to an … Read more

2 ACA taxes that may apply to you

March 8, 2023October 23, 2017

How the ACA Affects You If you’re an executive or other key employee, you might be rewarded for your contributions to your company’s success with compensation such as restricted stock, stock options or non-qualified deferred compensation (NQDC). Tax planning for these forms of “exec comp,” however, is generally more complicated than for salaries, bonuses and traditional employee benefits. And planning gets even more complicated if you could potentially be subject … Read more

Will Congress revive expired tax breaks?

March 8, 2023August 9, 2017

Most of the talk about possible tax legislation this year has focused on either wide-sweeping tax reform or taxes that are part of the Affordable Care Act. But there are a few other potential tax developments for individuals to keep an eye on. Back in December of 2015, Congress passed the PATH Act, which made a multitude of tax breaks permanent. However, there were a few valuable breaks for individuals … Read more

Tax penalty on individuals without health insurance

March 8, 2023August 1, 2017

Now that Affordable Care Act (ACA) repeal and replacement efforts appear to have collapsed, at least for the time being, it’s a good time for a refresher on the tax penalty the ACA imposes on individuals who fail to have “minimum essential” health insurance coverage for any month of the year. This requirement is commonly called the “individual mandate.” Penalty exemptions Before we review how the penalty is calculated, let’s … Read more

3 midyear tax planning strategies for individuals

March 8, 2023July 26, 2017

In the quest to reduce your tax bill, year-end tax planning can only go so far. Tax-saving strategies take time to implement, so review your options now. Here are three strategies that can be more effective if you begin executing them midyear: 1. Consider your bracket The top income tax rate is 39.6% for taxpayers with taxable income over $418,400 (singles), $444,550 (heads of households) and $470,700 (married filing jointly; … Read more

Three kinds of accounts that offer tax-advantaged funding of health care expenses

2 ACA taxes that may apply to you

Will Congress revive expired tax breaks?

Tax penalty on individuals without health insurance

3 midyear tax planning strategies for individuals

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