Health Insurance Enrollment Process

Prepare financially for a Stay-at-Home Parent -

In the hope of living on an income while you or your spouse remains home with the child (ren)?

This used to be commonplace but now many households include two working parents. Interestingly though, stay home parenting is mainly his work.

The number of US fathers who do not work outside of the house has reached 2 million in 2012, against 1.1 million in 1989 women, reports the Pew Research Center.

We talked to Bethany and Scott Palmer, founders of The Couple silver and co-author of books including "The personalities money Five," to get their advice on preparing financially for be a stay-at-home mother.

Rethinking expectations.

changing to a reduced income not only cash flow for discretionary spending, but also changes the family dynamic. "Set expectations regarding money, and set expectations around the house and time," Scott recommends.

Even if you shared the household responsibilities 50/50 before one spouse left the workforce, you may need to revise the division of labor in the future. "Assumptions can wreak havoc on your relationship," says Bethany

She suggests starting the conversation by saying. "Let us sit down and talk about the different categories of things that need to be covered." Then you could discuss where there is room to make budget cuts and how you will divide household chores.

practical life on one salary.

Before a spouse leaves the workforce, trying to live on the salary of the other spouse and save the rest.

This allows you to get used to living on less income (and build your savings) before you make the change, a process that usually takes about three months, according to Bethany.

If this arrangement is uncomfortable, consider alternatives such as offset time. When Palmers started a family, the couple created a schedule where one parent worked in the morning and the other afternoon of work.

Budget for fun too.

Initially, you might think to stay home with a baby would not be many additional costs attached. After all, no dry cleaning bills, no travel, no slats on the way to work. But Scott said it often not the case because stay-at-parents must still leave the house.

"Do not assume that things will get cheaper," he said. "You may think that things will become more expensive."

play groups, day movies baby and parent to music or yoga classes add structure to the week and keep parent and child entertained. of course, many options such as story time at the library or visits to parks and playgrounds can be the best friend of a parent on a budget.

Continue saving for retirement.

When a parent leaves the labor force, he or she does has more power in 401 (k) withdrawals. But this does not diminish the need for retirement savings later in life.

the person with earned income can contribute up to 5500 $ annually (or $ 6.500 for more than 50) to an IRA spouse to spouse not working. that said, sometimes "it is logical that a joint to increase the amount they put in report the creation of a separate account, "said Bethany.

Either way, make sure that you continue to save for retirement as a couple, even when a person stops working. Tweet this

Think through estate planning.

Even if you do not have a huge area for someone to inherit, the Palmers encourage new parents to do some estate planning and to appoint a guardian for the children if something were happen to both parents.

Also buying a life insurance cover for both parents, a step that is often overlooked in the non-working spouse.

However, the loss of a parent who stays at home "could be just as expensive [as losing the income earner] because now you have custody of children and the activities that the person cares for to be financed "said Bethany.

have you adjusted to living on one income? How do you navigate this transition?

Insurance and your taxes - What business owners need to know -

We can provide almost everything we choose: our cars, homes, businesses, the ability to work - even our lives. While pursuing the insurance can be expensive, we pay for peace of mind. It seems that the only thing more expensive that insurance is not to have when something goes wrong.

Fortunately, the insurance premiums are often deductible business expenses.

Here are some common situations that could mean tax deductions for insurance costs related to your business.

insurance premiums in your business

You can generally deduct business-related insurance premiums and other expenses business. This reduces your self-employment tax and taxable income

Deduct premiums for these types of business insurance :.

• Fire, flood, storm, cultures, theft, liability and other insurance on the company's assets.
• UI
• interruption insurance business that pays for lost profits if your business is closed due to fire or any other cause. State employees (deduct that taxes if your state considers premiums as taxes).
• credit insurance against bad business debts.
• health insurance premiums for employees, including long-term care insurance premiums.
• Malpractice insurance.
• Overhead insurance that pays overhead business when you are disabled.
of vehicle insurance
• business. You must allocate the premiums and other vehicle expenses if you use the vehicle for business and personal use. Note:. If you use the standard mileage rate, do not deduct vehicle insurance separately

Life insurance for employees, if you are not a beneficiary. Do not deduct amounts you put in a reserve set up for self-insurance, premiums for disability insurance, some insurance life and annuity insurance or you pay for a loan.

If you pay the insurance as part of a manufacturing process, including the cost of insurance with other charges in cost of goods sold.

If you have rental property, deduct any insurance related to lease in Annex E with other rental costs.

If you pay insurance premiums, enter the year in which they are, regardless of whether you are on the way of cash or accrual. For example, you pay for insurance premiums covering this year and next year.

You can deduct premiums that cover this year on your current tax return. You can deduct the amount applicable to the next year with the return next year.

health insurance premiums you pay as an independent person

If you're self-employed, you may be able to make an adjustment independent health insurance premiums. You can take this deduction even if you do not itemize deductions.

as an adjustment "above the line", this expenditure reduces your adjusted gross income and can eventually help you benefit from other tax advantages.

If you qualify, you may also be able to include medical, dental, and qualified long-term care for yourself, your spouse, your dependents and your child who was under 27 at the end of the year, even if the child is not your responsibility.

to qualify for the adjustment of independent health insurance premiums, you must be independent and have a net profit for the year. This could also be a sole owner, as a partner with net earnings from self-employment or as an employee received wages from an S corporation in which you were a shareholder more-than-2 percent.

If you were an employee of an S corporation, your W-2 related form must show your health insurance premiums paid or reimbursed by the S corporation

you can not take the deduction for self-employed health insurance for one month during which you were eligible to participate in a subsidized health plan maintained by your employer or your spouse, even if you have not participated.

health insurance premiums as an itemized deduction

you might be able to take an itemized deduction for your medical insurance premiums if you can not take a deduction for the premium health insurance for self-employed.

premiums, combined with other deductible medical expenses, must be important before beginning to receive a tax benefit them. Your total medical expenses, including health insurance premiums, exceed 10 percent of your adjusted gross income before you can include the amount over the floor in your itemized deductions.

(For taxpayers aged 65 or more total medical expenses are deductible to the extent they exceed 7.5 percent of their adjusted gross income, 2016. If you file jointly, a one of you must be 65 or older to use the 7.5 per cent floor.)

long-term care insurance

the IRS limits your deduction for long-term bonuses skilled care insurance according to your age. Long term care insurance eligible is an insurance policy that provides coverage necessary diagnostic, preventive, therapeutic, curing, treatment, mitigation, and rehabilitation services, and maintenance services or personal care . This support can be provided in a care center or home, depending on your contract.

TaxAct calculates your allowable deduction when you enter the amount you pay for long term care insurance.

Types of nondeductible insurance

While you can generally deduct the ordinary and necessary insurance costs as a business expense, there are some types of insurance that you do can not write off.

For example, you generally can not deduct insurance your landlord for the house you live. Moreover, auto insurance for a car should generally not be deducted unless you use it in a business.

Why your favorite celebrity is a company -

Have you ever wondered about the way the movie business?

because of you, I hope you will never find.

Learn the entertainment industry secrets is like waking up every morning and find that the Easter Bunny Santa killed in a bloody battle to the death, and both of them were creations the imagination of someone else to start

It leaves you feeling a little dead inside

But back to the movie industry ..: as little as it seems that everyone is doing real work in the industry, it is not entirely unpaid trainees and "slashies" (actor / model / server).

there are a select few in Hollywood who earn impressive wages for (usually) outstanding acting.

And like any other person money making, it's not how much you make, it's how you handle it.

power Loan Out Corporation

As New York Magazine revealed in its function Celebrity Economy, almost all actors of importance funnels income through a loan person morality.

The company is used to place a lower tax rate on income of celebrity as if the income were simply provided directly to the person.

it is not Kim Kardashian, she Kimsaprincess, Inc! This is not to Mindy Kaling, your old favorite desktop editor turned lead-actress-in-a-sitcom is Kaling International.

The reason these companies are interesting is that they show the real financial planning by celebrities. Of course, it is their CPA or business manager handling the details, but still.

Do you think you could benefit from a company loan?

Perhaps, although the structure is really ideal for individual artists, especially when they can not receive a handful of large payments during the year, which means that money must be treated the advantageous tax purposes.

Other Time-Honored Celebrity money tricks

fame is fleeting.

he does not feel that way when I see Snooki from Jersey Shore currently 8000th in the securities of my Google News feed, but it is.

Pop culture is a relentless vulture, and savvy figures honored will take full advantage of their time at the top.

using their loan company, they will get contracts for endorsements, appearances and sponsorship which are often more profitable than their interim fees. Musicians make most of their money on tours and merchandise, not albums.

Lesson learned for us average folks?

Learn what skills or opportunities you can take advantage and you might be surprised to see what it turns into.

do not think you need to specialize in just one thing to succeed.

I saw the success people come in many different forms. We do not all have the same path to follow

And always use a trusted accountant when the money starts coming in

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IRS Announces Dates: No need to wait - 5 reasons to file your taxes now -

We have received confirmation that the IRS will not be processing individual tax returns on income until January 30 for the vast majority of taxpayers. Those who ask residential energy credits, amortization of property or general business credits will be able to start filing in late February or early March.

This does not mean you have to wait to file. Get your tax refund back as soon as possible by filing your taxes now

Reasons to file your taxes now :.

1. TaxACT accept returns e-filed. TaxACT is updated with all the latest changes in tax legislation.

2. Get your maximum refund guaranteed the quickest manner possible. The fastest way to your IRS refund is to file your taxes now use free e-file TaxACT and choose direct deposit. We will hold your return and e-file automatically from January 30.

3. easy filing and tax practice. It is easier and faster than ever to prepare, print and e-file tax returns with TaxACT. Users of computers and tablets can use their browser to connect to their statements online 24/7. PC users can install TaxACT from a CD or download www.taxact.com.

4. Step by step help from the experts. TaxACT offers instant, personalized support every step of the way in the improved response center, online at taxact.com and verification wizard. You can also send an email tax and audit questions to TAXPAYER support specialists to get free answers.

5. Free means free. All Americans, regardless of income or the complexity of their statements can prepare, print and e-file their 2012 federal taxes by the web version or download TaxACT Free Federal Edition.

Get a head start on receipt of your maximum tax refund by filing now

What you need to know from the announcement of the IRS :.

• IRS will begin processing tax returns on personal income on January 30 for the vast majority of taxpayers.
• people applying for residential energy credits, amortization of capital or general credit business will be able to start filing in late February or early March.
• IRS will not process paper declarations before the scheduled Jan. 30 opening for the majority of taxpayers. Taxpayers who returns with non-available forms until the end of February or early March will have to wait until the IRS systems are ready for paper returns.
• The IRS will be able to accept tax returns affected by the end of the alternative minimum tax (AMT) patch and the three main provisions "extension" for people who ask deduction of sales tax, state and local, the tuition and higher education expenses deduction and educator deduction as of January 30.

following is the full announcement IRS

Following the January tax law changes by Congress under the American taxpayer relief Act (ATRA), the Internal revenue Service announced today that it plans to open the filing season 2013 and begin processing tax returns for January 30

the IRS will begin accepting tax returns that date after the update forms and completing the programming and testing of its treatment systems. This reflects mainly changes in tax law adopted late January 2. The announcement means that the vast majority of reporting - over 0 million households - should be able to start filing tax returns from January 30.

IRS estimates that the remaining households will be able to start filing in late February or in March because of the need for and form more extensive changes treatment systems. This group includes people seeking residential energy credits, amortization of property or general business credits. tax returns Most people in this complex group file and generally deposit closer to the deadline April 15 or get an extension.

"We have worked hard to open the season as soon as possible taxes," IRS Commissioner Steven T. Miller said Acting. "This date allows us to have the time to update and test our treatment systems."

The IRS will not process paper declarations before 30 January anticipated opening date. There is no advantage to file on paper before the opening date, and taxpayers will get their much faster tax refund using e-file with direct deposit.

"The best option for taxpayers to file electronically," Miller said.

opening of the filing season follows the passage by Congress of a comprehensive tax changes in ATRA 1 January 2013, with many tax returns affecting for 2012. While the IRS worked to anticipate the tax law changes end as much as possible, the final law required update IRS forms and instructions and make adjustments of critical processing system before you can start accepting returns income.

IRS originally planned to open the e-filing this year on January 22; more than 80 percent of taxpayers filed electronically last year.

Who can file January 30?

The IRS states that the vast majority of all taxpayers can file from January 30, whatever they file electronically or on paper. The IRS will be able to accept tax returns affected by the alternative minimum tax (AMT) Patch end, and the three main provisions "extension" for those applying the deduction of sales tax State and local education higher charges and fees deduction and education educator deduction.

who can not file later?

There are several forms affected by the end laws that require programming and testing of larger IRS systems. The IRS hopes to begin accepting tax returns, including those tax forms between late February and in March; a specific date will be announced in the near future.

The key forms that require more significant changes to programming include Form 5695 (Residential Energy Credits), Form 4562 (depreciation and amortization) and Form 3800 (General Business Credit). A complete list of forms will not be accepted later is available on IRS.gov.

As part of this effort, the IRS will work closely with the tax software industry and tax professional community to minimize delays and ensure a smooth tax season as possible in the circumstances.

Do not make these mistakes on your tax return -

Are you willing to prepare and file your tax return?

do not make these mistakes!

mistakes on your tax return can delay the processing of your return, in addition, the tax refund that you rely on.

Fortunately, most of the most common errors are simple human errors that have little to do with the code of complicated taxes.

spending a little more attention to a few things will make tax time a much smoother process and error free.

Using do-it-yourself software solutions to tax preparation greatly reduces the risk of errors, especially if you import information back to last year.

However, all taxpayers should be double check a few key pieces of information on their statements

To help you file a tax return without error the first time, every time the following are the common errors and why they rely :.

names do not match Social Security cards

Believe it or not, the names are one of the main reasons for returns are rejected by the IRS. More common than spelling errors depends names that do not match their Social Security cards.

The IRS database synchronizes with the Administration of Social Security. If the IRS computer system can not locate a name on your tax return in the SSA database, it will reject your return.

Although easy to fix, your return will not be processed until the correction is made.

Entering an incorrect Social Security numbers

Another common error is incorrect social security numbers (SSN). If one of SSNs on your statement are correct, the IRS will reject your return.

In addition to the hassle of fixing and resubmit your return, there is another reason for SSNs correct the first time.

Several tax breaks, such as child tax and tax credits for children and additional education credits and dependent care requires correct SSNs.

forget to include income

If you forget to include income on your return, the IRS will let you know, and depending on when your monitor is discovered, you might also have penalties and interest on unreported income.

agency knows how much income was deposited into your bank accounts and investment based on your SSN and 1099 financial institutions submit to the IRS.

Not including tax deductions and credits

There are hundreds of tax deductions and credits available for the taking. If you miss one of your return, the IRS will not tell you

There is a simple solution for this -. Using tax preparation software. The program will help you get all the tax breaks you deserve. It guides you through every credit and deduction by asking simple questions.

Claiming the wrong filing status

Because filing status determines many amounts on the tax returns, the IRS has strict qualification criteria for each of the five filing statuses .

Choose the wrong state and the IRS will reject your return. Tax preparation software will walk you through your options and help you choose.

If you qualify for more than one status, claiming that resulting in repayment more or less the tax due.

mathematical errors

If you use tax preparation software, you do not have to worry about it.

The most common mistake on tax returns, year after year, is bad math.

errors in arithmetic or in transferring figures from one table to the other will result in an immediate correction notice.

math errors can also reduce your refund or result in you owing more tax than you should.

routing numbers and incorrect account for direct deposit

If you choose to have your refund directly deposited into one or more accounts, check the routing and account numbers entered in your declaration.

Just a wrong number can mean several more weeks of waiting for your refund, someone else receive your refund or rebate being sent to the IRS.

missing the deadline April 15 tax return

last error is very simple to avoid. File your return on time. If you need more time, file Form 4868 by April 15 for an automatic extension of deposit of six months.

Remember that you are still required to pay the taxes due April 15 or incurring late filing penalties and interest charges.

If you can not afford to pay what you owe, the IRS offers assistance. Call the agency to discuss payment plans, payment options, extended time to pay and other forms of assistance

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weekly favorites: How to Change Back federal, 11 ways to reduce the College bills Tax Time is identity theft Time -

weekly Favorites: February 15, 2013

How to change your federal return [Video] via TaxACT
completing the form 1040X, the form required to change your statement Federal, is a simple four -Step process. Continue and watch the video ...

11 opportunities to Slash College Bills [Infographic] by Eric U.
The College costs are continually on the rise making loan debt student at record levels at $ 870 billion. The average student is more than $ 27,000 of debt. Fortunately, you may be able to reduce your college costs when the income tax with a variety of credits, deductions and savings plans. Continue reading ...

Tax Time Time ID Theft Bankrate.com via
The IRS began accepting 2012 tax returns, sending thousands of taxpayers individuals and tax professionals on their computers to fill forms and then e-file them. You, however, are a holder of electronic declarations income. You've heard reports of any identity theft in tax matters. So you're always sending Uncle Sam your tax data on paper. You may want to reconsider. Continue reading ...

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Weekly Favorites: Bump Your Take-Home Pay Up, ways to make money at home, IRS Accepting More Forms - Next Week

Weekly Favorites: March 1, 2013

Payroll tax Cut: How to Bump Your Take-Home Pay Back Up by Sally Herigstad
When the tax deduction on the temporary payroll ended in December, our social security deductions rebounded to 6.2% of our gross% more of your salary pay.2 may not seem like a huge amount. But on a salary of $ 2,000 per pay period, which is $ 40. Continue reading ...

10 best ways to make money at home (legitimate) via MoneyCrashers
With jobs still scarce, dissipation job security and wages seemingly stagnant at best, many people are trying to establish some security by creating multiple streams of income. Continue reading ...

Despite sequestration, the IRS plans to continue filing season as expected, begin to accept more forms updated next week via Kay Bell
This filing season has been crazy, delayed for weeks because of late passage of the tax laws of the fiscal cliff that required updating of IRS forms and its computer system. Then came sequester, $ 85 million in large reductions in automatic spending set to take effect at 23:59, March 1. Continue reading ...

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successful people and failures do not vary greatly in their abilities. They vary in their desires to reach their potential. -John Maxwell

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