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ACA Insurance Explained

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Post sponsored by Xpress Health & Life, Nixa MO
ACA Insurance Explained
1. What is ACA Insurance? 2. How Can I purchase ACA Insurance? 3. Income & Payback Requirements
1. What is ACA Insurance? ACA Insurance is part of the Affordable Care ActIn some instances, you can receive a tax credit to help you pay for insurance You cannot be denied ACA insurance due to a preexisting conditionYou also cannot be charged more for having a preexisting conditionQualifications are based on income and the federal poverty level (FPL)2. How Can I purchase ACA Insurance?
There are three ways to purchase health insurance:
Your employer Health Insurance Companies Health Insurance Marketplace (HealthCare.Gov) Health Insurance Marketplace Enrollment dates: The 2020 Open Enrollment period goes from Nov. 1st, 2019 - Dec. 15th, 2019 If you don’t act by Dec. 15th, you can’t get 2020 coverage unless you qualify for a special enrollment period Plans sold during Open Enrollment start Jan. 1st, 2020 Special Enrollment …

Phantom Income..... What?

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Phantom Income..... What?



Unless you're an accountant or been a victim to phantom income, you've probably never heard of it. Phantom income is money that is never received by an individual but is still taxable. How is that possible? Let me explain.

Here are some examples of when phantom income may creep up on you and cause problems:
1. Debt Forgiveness
2. Non-Spousal Medical Benefits
3. Owning/Investing in an S Corp, LLC, or Partnership
4. Winning a Brand New Car or Other Physical Item of Value

1. Debt Forgiveness




Debt forgiveness is when a credit card company settles for a smaller amount of money than is owed to close the balance of the account. For example, let's say you owe $10,000 to a credit card company but you reach a deal to pay $5,000 of it. The remaining $5,000 that was forgiven would still be considered income (aka phantom income) and must be reported on your income tax return. Imagine having $5,000 in credit card bills forgiven just to find out you are subject t…

Online Sales: Keep These Items In Mind

Online Sales: Keep These Items In Mind

Did you know that if you sell items online you may have to report them on your taxes?

There are three main categories when selling goods online. They include selling used/personal items for less than cost, occasionally selling items at more than cost, and flipping/creating items to be sold at more than cost. Let's dive deeper into each one and what they mean for your tax return!

1. Selling used or personal items for less than cost

Lucky you! There are no tax implications as long as you sell your items for less than they cost you. All the profit is yours to keep so go ahead and clean out that closet!

2. Occasionally selling items at more than cost

There is a fine line between occasionally selling items at more than cost and running an online business. If you create a painting for $30 and someone offers to pay you more than that, it is considered a capital gain. Since you didn't plan on selling the painting for more than $30 you're not co…

Back to College? Did You Know About the Tax Credits You Can Receive?

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Back to College? Did You Know About the Tax Credits You Can Receive?

Now that school is back in session your house may be empty again, but that doesn't mean your wallet has to be empty as well! There are several tax credits and deductions available for college students that you may not know about. These tax credits and deductions will help put money back in your pocket after paying for college expenses!

There are three main credits and deductions available. They are the American Opportunity Tax Credit, the Lifetime Learning Credit, and the Student Loan Interest Deduction. Let's dive deeper into each one!

The American Opportunity Tax Credit (AOTC)
The AOTC is a credit for education expenses that are paid out from an eligible student in the first four years of higher education (After four years or a bachelor's degree this credit is no longer available to use on taxes). Students or parents that pay for education expenses can get a credit of up to $2,500 per student.

There are …

Payroll 101

What Exactly is Payroll, Anyways? 
Payroll is the process in which an employer pays an employee for work done. As soon as you have your first employee, there is a responsibility to complete payroll. There are a few crucial steps that must be done before each pay period. This includes collecting employee time, calculating their earnings, and physically paying them. If you have multiple employees, this can take a significant amount of time to do manually. Most employers give out paychecks on Friday, but the process of determining payroll can sometimes start as early as Monday or Tuesday. 
There are several rules and regulations that come along with payroll. These include federal, state, and local regulations. Multiple types of taxes play a role in payroll. Most employers will withhold certain amounts of income and payroll taxes such as social security, medicare, state income, federal income, and local deductions. This can become tricky to figure out if you do not have prior knowledge in…