Friday, May 24, 2013

Obamacare: better figure out if you’re self-employed

Employed, self-employed--it makes a difference in tax and other consequences--

6 new IRS questions for 2014 - MarketWatch: "The IRS has been spending a lot of time recently deciding whether workers are independent contractors — self-employed — or employees of a business. Under the ACA, the self-employed who purchase health insurance on the exchange will have an advantage in paying for premiums, because the premiums can be paid out of pre-tax income. Someone who works for a firm which does not offer health insurance, and who earns above 400% of the poverty line, will have to buy insurance on the exchange. The IRS calculates that annual premiums for the cheapest family plan will be $20,000 for a family of five in 2016. If you’re self-employed, you can deduct the $20,000 from income before you pay taxes. Otherwise, premiums are nondeductible. Depending on income level and federal and state and local tax rates, premiums could cost as much as $40,000 in pre-tax income." (read more at link above)

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