On January 1, 2012, we have had multiple taxes go into effect:
- A payroll tax hike and 3.8 percent income tax increase.
- All medical devices tax began.
- In October, you will see the exchanges get setup and the online application for waivers; Medicaid employers dropping insurance coverage for their employees, and employers reducing 40 hours to 29 hours.
- Private insurance companies basically being told what they have to include in their insurance policies for all to be in compliance with the individual mandate purchase so the individual is not taxed for non-compliance.
On January 1, 2013:
- A full rollout of Obamacare with IRS needing paperwork to confirm your government approved purchase to avoid a stiff penalty.
- No more pre-tax dollars can be applied to one’s medical insurance.
- Limiting HSA to $2000.
For more information about the Patient Protection and Affordable Care Act, visit: http://housedocs.house.gov/energycommerce/ppacacon.pdf.
“The thoughts and opinions expressed in this article are not to be taken as legal advice. The ACA changes on a daily basis and the material covered is a reflection of the author’s research into the bill on a given day. While every attempt is made to communicate with accuracy you should consult your lawyer or CPA for advice on how the ACA will affect you and your situation.”
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