The Patient Protection and Affordable Care Act of 2010, in concert with the enactment of the Health Care and Education Tax Credits Reconciliation Act of 2010, resulted in a number of changes to the US tax code. As such there are a number of tax implications for individuals and businesses.
Healthcare Exchanges, which are also referred to as Health Insurance Marketplaces, officially opened for enrollment on October 1, 2013. Some of these exchanges are run by the state in which you reside. Others are run by the federal government.
Individuals (including self-employed) who do not currently have insurance or buy insurance on their own can use these marketplaces to buy insurance, which becomes effective January 1 of each year. When you get health insurance through the Marketplace, you may be able to get the new advance Premium Tax Credit that will immediately help lower your monthly premium.
If you are interested in a healthcare career, I definitely encourage you to pursue it! Don't let the fact that you may still be in high school or that you already may have a career in another field, stop you from exploring the possibilities in healthcare. If you want to succeed in the competitive environment surrounding most healthcare careers, academic preparation is very important. If you have any questions related to healthcare, please let me know, and I will answer them or refer you to other resources. I love helping students in science and healthcare related studies!
Welcome 2015! As the new year rolls around, it's always a sure bet that there will be changes to current tax law and 2015 is no different. From health savings accounts to retirement contributions and standard deductions, here's a checklist of tax changes to help you plan the year ahead.
For 2015, more than 40 tax provisions are affected by inflation adjustments, including personal exemptions, AMT exemption amounts, and foreign earned income exclusion, as well as most retirement contribution limits.
For 2015, the tax rate structure, which ranges from 10 to 39.6 percent, remains the same as in 2014, but tax-bracket thresholds increase for each filing status. Standard deductions and the personal exemption have also been adjusted upward to reflect inflation. For details see the article, "Tax Brackets, Deductions, and Exemptions for 2015," below.
Alternative Minimum Tax (AMT)
Exemption amounts for the AMT, which was made permanent...
More than 40 tax provisions, including the tax rate schedules, and other tax changes are adjusted for inflation in 2015. Let's take a look at the ones most likely to affect taxpayers like you. The tax rate of 39.6 percent affects singles whose income exceeds $413,200 ($464,850 for married taxpayers filing a joint return), up from $406,750 and $457,600, respectively. The other marginal rates--10, 15, 25, 28, 33 and 35 percent--and the related income tax thresholds are described in the revenue procedure.
The standard deduction rises to $6,300 for singles and married persons filing separate returns and $12,600 for married couples filing jointly, up from $6,200 and $12,400, respectively, for tax year 2014. The standard deduction for heads of household rises to $9,250, up from $9,100. The limitation for itemized deductions to be claimed on tax year 2015 returns of individuals begins with incomes of $258,250 or more ($309,900 for married couples filing jointly). The personal exemption...
One summer I was ambitious and signed up for a condensed Anatomy & Physiology II course. Having just completed Anatomy & Physiology I and Microbiology during the spring semester, I thought just taking one college course over the summer would be a piece of cake. How wrong I was! Learning the major systems of the human body in a full 16 week semester can be challenging for most students. Fortunately, our professor believed in assigning essay styled lab reports. Writing about new and more complex topics is challenging!
A few weeks into the condensed summer session I realized I would not achieve the A I wanted in A & P II
without a full commitment to spend every waking moment studying. My professor made it clear to the class that he was not going to grade us any easier just because we chose to take the 'short course.' I vividly recall him announcing during lecture that the endocrine system was probably the toughest...
Proofreading and editing one's own paper for a high school or college English course can be challenging. Sometimes one just needs a second pair of eyes. A tutor will often see the weaknesses in a writing assignment and point them out to a student. Like any teacher, making red marks on a student's paper doesn't necessarily help a student improve his or her writing skills. Working side by side, one-on-one with an English tutor will encourage you to take what you already know and apply it to your assignments. Writing is a skill that is necessary in all disciplines, not just the humanities.
Science majors must write well to explain laboratory experiments and correctly compose reports. Biology, Anatomy, Physiology, Microbiology, and Chemistry courses in college will require one to write either lab reports or essays, and possibly both. Pre-med students need writing skills just as much as pre-law students. Whatever the discipline, being able to properly convey your ideas, thoughts, data,...