Self Employed

HSA's... still viable?

As part of the passage of the Patient Protection & Affordable Care Act , there seems to be concern as to whether the trend towards high deductible health insurance will be defined as "adequate insurance". Current wording requires that all health insurance plans which will include the government specified benefits have a minimum actuarial value of at least 60%. High deductible health insurance plans often purchased by the self employed for their healthcare to obtain a lower cost and to be use...

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Jeff Patten 5/18/2011 Comments(0)

Tax Deduction for Home Business Use

Like many people out there, the Self-Employed use their homes for business use. It seems natural, then, that they wish to take advantage of the IRS tax deduction afforded to them for this usage. Keep in mind that the IRS is very specific about who qualifies and what qualifies as deductible. Who qualifies: 1 The part of your home that is being deducted has to be used regularly and exclusively for business purposes. 2 That part of your home above needs to be the principal place of employment in th...

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Jeff Patten 5/18/2011 Comments(0)

Confused on Social Security Benefits?

If you're like most people. you're somewhat confused on how the Social Security Administration calculates the benefit we're entitled to "at the end of the rainbow". Unfortunately there is no quick, easy way to calculate things for yourself, therefore making it yet another bureaucratic system of hoops we need to get through. Basically Social Security takes a look at the highest 35 income years during your working career it takes a minimum of 10 years to qualify for a benefit . If you have more th...

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Jeff Patten 5/18/2011 Comments(0)

Will We Need to Work Longer?

I was waiting for this to start being talked about... The American Academy of Actuaries AAA has recently submitted a letter to the co-Chairman of the National Commission on Fiscal Responsibility and Reform indicating that they would support the idea of increasing the eligibility age for retiorement under the Social Security System. By doing this, it would make the program "solvent and sustainable". Although no suggested age increases were offered, the rationale was that Americans are living long...

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Jeff Patten 5/18/2011 Comments(0)

High Deductible Health Plans on the Rise

The shift to a High-Deductible Health Plan HDHP is on the rise across the US. According to the National Center for Health Statistics, the percentage of US Residents in the private marketplace under the age of 65 that has an HDHP for their coverage has increased from 15.9% to 18.1 in the last year. A High-Deductible Plan is defined as having a deductible of at least $1,200/year... Those switching over to the HDHP have also proportionately combined with the usage of a personal health account for t...

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Jeff Patten 5/18/2011 Comments(0)

Employers Jumping on the Health Insurance Bandwagon

A recent survey tells that new tax credits, paired with the prearranged health-care overhaul, has a few small business owners in the U.S. who currently do not provide health insurance opting toward giving employees the choice now or in the near future. This survey has also deduced that the law has many small businesses, who are currently offering coverage, continuing to offer it, when in the past, they weren’t so sure. There is no question that the government is working to expedite the ben...

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AIA Staff 5/18/2011 Comments(0)

Changes in Self-Employed Health Insurance

The health insurance market is changing. From Obamacare to fresh healthcare acts, individuals and businesses alike are shifting to the flow of new insurance. But what of those with self employed health insurance ? What is popping up in that neck of the woods? One of the biggest changes is the way self-employed health insurance is treated in filing taxes. A new law allows for a 100% deduction of health insurance for the self-employed, which includes the sole proprietors, any and all partners, and...

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AIA Staff 5/18/2011 Comments(0)

Insurance For The Self Employed

Heath insurance has been a big issue in the news recently, as healthcare reforms seek to remake our health care system and help everyone receive the care they deserve when they are sick or injured. Unfortunately our system is flawed, and investing in health insurance is often necessary to ensure you will receive the care you need. But more and more, companies are not offering health insurance to their employees, or are only offering the bare minimum? Beyond that, what do you do for health insura...

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AIA Staff 5/18/2011 Comments(0)