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Modified Adjusted Gross Income and the ACA (Obamacare) Requirements

coverage from the Lower Costs Charts of the healthcare provision. The ACA allows young adults, up to the age of 26, to remain under the health insurance coverage of their parents. When listing the household income, the total Modified Adjusted...

What kinds of medical and dental expenses can or cannot be deducted?

medical care expenses for the year exceed 10% of your adjusted gross income (7.5% of your AGI if either you or your spouse is age 65 or older). You do this calculation on Form 1040, Schedule A in computing the amount deductible. Examples...

Idaho Subtractions from Income

are incurred in two or more years, deduct the costs in the year paid until the $3,000 limit has been met. The expenses related to an unsuccessful attempt to adopt are not deductible. If expenses were claimed in a year prior...

Wisconsin Addition or Subtraction From Income - Tax-Option (S) Corporation Adjustments

These items have already been removed from Wisconsin income when you completed Wisconsin Schedule WD) Instead of using tax-option (S) corporation items deductible on federal Schedule A to compute the Wisconsin itemized deduction credit, you may...

Can I Deduct 50% or 80% of my Meals and Entertainment Expenses on my Schedule C?

business meals and entertainment expenses, including meals incurred while away from your home on business. However, if you are subject to the Department of Transportation (DOT) hours of service limits , the allowable deductible percentage...

Who qualifies to have an HSA (Health Savings Account)?

To be an eligible individual and qualify for an HSA, you must meet the following requirements. You have a high deductible health plan (HDHP), described below, on the first day of the month. You have no other health coverage except what...

What is Second Lowest Cost Silver Plan (SLCSP)?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

What is the Second Lowest Cost Silver Plan (SLCSP) and the Affordable Care Act /Obamacare?

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

What is Second Lowest Cost Silver Plan (SLCSP)? Obamacare/ACA

There are four types of plans sold on the insurance exchange- bronze, silver, gold and platinum. Each plan offers a different level of health coverage available at different costs. The Second Lowest Cost Silver Plan, is the silver plan...

Life events that may have a significant tax impact

for the Elderly First Time Homebuyer Publication 530, Tax Information for First-Time Homeowners Publication 936 , Home Mortgage Interest Deduction Moving? Publication 521 , Moving Expenses Form 3903, Moving Expenses Publication 530, Tax...