Say Goodbye to the Tax Penalty for Not Having Health Insurance

You can view this content on YouTube, or listen to it on my Podcast. The Affordable Care Act, also known as the ACA and Obamacare, included a provision that taxed most Americans who didn’t buy and keep in place a specific type of health insurance. The reasoning behind the tax was the expectation that if EVERYONE were insured, rates would go down. Not everyone agreed with this perspective and litigation was filed against the federal government. The Supreme Court ruling a few years later declared the Individual Mandate, the provision requiring the tax, constitutional because Congress has the power to

Federal Law Changes That Will Affect Your Tax Return – Part 2

Yesterday, I began a 3-part series about some of the questions people are asking about recent federal legislation. Specifically, those questions are: Was Obamacare really declared unconstitutional by the Supreme Court? Were the required minimum distributions (RMDs) at age 70 ½ from your retirement plan really eliminated? And how about the threshold for writing off medical expenses–was that also tossed away? I answered question #1 in yesterday’s blog post and will answer question #3 in tomorrow’s blog post. Here’s my answer about the changes the SECURE Act brought to required minimum distributions (RMD). The Setting Every Community Up for Retirement

Federal Law Changes that Will Affect Your Tax Return – Part 1

Was Obamacare really declared unconstitutional by the Supreme Court? Were the required minimum distributions (RMDs) at age 70 ½ from your retirement plan really eliminated? And how about the threshold for writing off medical expenses–was that also tossed away? These are some of the questions people are asking in light of recent federal legislation. I’m going to answer these questions and clear up the misunderstandings most people have about the subjects in a 3-part series of blog posts. Today, let’s talk about the Affordable Care Act (ACA)–what many people call “Obamacare.” The ACA contains a provision referred to as the