Affordable Care Act

How the Affordable Care Act Impacts Your Tax Return

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The most noteworthy ramifications of the Patient Protection affordable health insurance Act of 2010, otherwise called “Obama care,” are practically around the bend.

Notwithstanding having colossal impacts on protection in 2014 and 2015, the enactment likewise affects income taxes.

The medical insurance incorporated a few expense law changes for 2013 government wage assessment forms due April 15, 2014:

  • Employees can deduct the aggregate sum paid by them and their employers for health insurance premiums. Just enter the sum in Box 12 with Code DD on your Form W-2 when prompted by your tax return software.
  • If you itemize, the edge for deducting Medicare advantage costs is increased to 10 percent of your AGI. The benefit for citizens age 65 and more stays at 7.5 percent.
  • A 3.8 percent assess
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A Longer Life Requires Better Medical Insurance

A Longer Life Requires Better Medical Insurance

With people across the world living longer, it is important that they consider getting better medical insurance. Taking into account the chance of soaring costs with medical care, and the fact that long-term care may be needed as you get older.

You need to think of your medical insurance policy as an investment into your future health and well-being, rather than just another bill that you have to pay. Ensuring that you consider how your health may deteriorate in future years, and who will care and look after you.…

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