JOAN R FELTS - Competent Tax Service
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FIRST TIME HOME BUYER
HEALTH CARE LAW PROVISIONS AFTER 2012
Small Business Health Care Credit
It's tax time!

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FIRST TIME HOME BUYER

Do you have a traditional IRA?  Do you own a home?  Do you want to own a home? 

Well, here is some information that might be of interest to you, especially if you are confused by the term "First Time Home Buyer."

For IRA distribution purposes, this term does NOT mean the taxpayer has not owned a home before the
distribution date.  The requirement states that you and your spouse have not owned a home in the last two years ending on the purchase date.  In this case, you would qualify for a penalty exception of distributing up to $10,000 from your

HEALTH CARE LAW PROVISIONS AFTER 2012

By now most of you realize that the Supreme Court has upheld the Health Care Law by a 5-4 decision. So what does all this mean to you?   Well, some of the provisions which go into effect in 2013 are as follows:
 
  • Taxpayers with a MAGI over $200K ($250K if MFJ; $125K if MFS) will be
paying a 3.8 % surtax on net investment income.
 
  • Medical expense deductions in excess of 7.5% of your AGI will now have to be in excess of 10% of your AGI.  If you turn 65 this year, then you will be allowed to use the 7.

Small Business Health Care Credit

Did you know that Obamacare offers a Small Business Health Care Credit, as high as 35% of health care costs paid by qualifying organizations?  NO?  Well this may be a solution for those companies cutting back on health-care coverage for their employees.  With this credit, the burden of health care costs may be alleviated somewhat.  There are requirements to qualify for this credit:  1) The company must be providing health care insurance to its employees, 2) The company cannot employ more than 25 full-time employees, and 3) The average compensation per employee must be less than $50,000.

It's tax time!

Don't forget to gather up all those receipts and information related to your 2010 taxes.  You have until April 18th to file this year.  Keep in mind that if you are itemizing deductions, you cannot file until Feb 15th. 
 
Let me know if I can help you out in any way.
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