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Affordable Care Act Notice Letter

You may have wondered how the Affordable Care Act (ACA) will affect your current health insurance plan, or whether you might be able to afford a plan for the first time through a new financial assistance program created under the law.  There is a mountain of information available from a variety of sources, but who has time to sift through all of the publications, and which ones provide the most accurate and up-to-date information?  You might think that you don’t have to do anything until January 2014 when the ACA goes into full force, but there are several steps you need to take now to prepare for life under the Affordable Care Act.

I’ve compiled some information for you after reading articles, technical releases, state guides, insurance company publications, etc.    This information and the noted web sites contained herein may help answer some of your questions about the ACA.  The ACA aims to expand health care coverage through a series of provisions that generally go into effect on January 1, 2014: (more…)

Is Long- Term Care insurance a Tax Deductible Medical Expense?

Nursing-home care can be very expensive. As a result, insurance for such care is growing in popularity. Fortunately, there is some tax relief for these expenses. Both the cost of qualified long-term care and insurance coverage for such care qualify as deductible medical expenses.

“Qualified long-term care” services are necessary diagnostic, preventive, therapeutic, curing, treating, mitigating, and rehabilitative services, and maintenance or personal-care services required by a chronically ill individual. The services must be provided under a plan of care presented by a licensed health care practitioner. (more…)

Scholarships are Tax-Free Except for:

Scholarships are generally tax-free, whether for elementary or high school students, for college or graduate students, or for students at accredited vocational schools. It makes no difference whether the scholarship takes the form of a direct payment to the individual or a tuition reduction.

For the scholarship to be tax-free, certain conditions must be satisfied. The most important are that the award must be used for tuition and related expenses (and not for room and board) and that it must not be compensation for services. (more…)

Time to Look at Your Paycheck

We are in the second half of year and it is time to look at your current year income tax withholding from your paycheck.  If you receive a large refund from IRS after you file your income tax return, or you owe the IRS money when you file your return, you should consider adjusting your income tax withholding.

Tax withholding from your paycheck is based on the number of withholding allowances you claim on Form W-4, Employee’s Withholding Allowance Certificate.

If your tax or family situation change, it’s up to you to give your employer a new W-4. Many people neglect to take this step, resulting in withholding that is either too high or too low. (more…)

Small Businesses have many more issues than Tax Issues

All the talk about the “Fiscal Cliff”will make it seem as if taxes is the only issue for small business.  In fact there are many issues for small business owners.  The link will take you to an article that states that small business owners are also concerned about:

1.  Health Insurance Costs

2. Current Economic Conditions

3. Energy Costs

http://www3.cfo.com/article/2012/10/growth-companies_small-business-election-issues-obama-romney-debate

 

Payroll Tax Cut will Expire and Probably not Renewed

According to this news report and other sources it appears that the 2% employee social security payroll tax cut will not be extended to 2013.  This means everyone will have a 2% net pay decrease.

Follow the link for more information.

http://www.nytimes.com/2012/10/01/business/economy/payroll-tax-cut-unlikely-to-survive-into-next-year.html?_r=0

Chicago Southland Chamber RCL Speaker Howard Tullman

On July 12th the Chicago Southland Chamber RCL monthly speaker is Howard Tullman of  Tribeca Flashpoint Academy.  This an example of another excellent Chamber program.  Your business and family will improve after attending this program.

 ILLINOIS INNOVATION NETWORK INTERVIEW WITH TRIBECA FLASHPOINT ACADEMY CEO HOWARD TULLMAN


Howard A. Tullman

Tribeca Flashpoint

Success: “We act as though comfort and luxury were the chief requirements of life when all we really need to make us happy is something to be enthusiastic about.”

The president and CEO of Tribeca Flashpoint Media Arts Academy and a pioneer in digital and social media, electronic arts and immersive education shares his insights on what it takes to succeed as an entrepreneur. The Art of Business I think of my businesses as art projects: they’re done with a certain style, a certain voice, and there’s a consistent way you approach the process – every single time. You do it with a vengeance – no prisoners, no retreat and no surrender. “Artistic” doesn’t mean soft or passive to me. This is an aggressive process – you’re ruthlessly trying to get down to the most basic answer to the fundamental questions, the leanest solutions possible – how do I save my customers time or money or make them more productive. Nothing else really matters. You’re always trying to make your products and services (and your internal systems as well) faster, easier, and simpler. It’s an ongoing and constant work of creation, evaluation and iteration. Always raising the bar. You never actually get there – you just get a little closer and a little better every day. I call it “successive approximation.” And there’s another important analogy to the artistic process. A new business really is like a blank canvas or an empty piece of paper. It’s critically important for the entrepreneur to have a very clear vision of where he or she is headed. When I think of something, I think of it as shockingly fully realized – down to an amazingly precise level of detail. I can answer questions with a frightening amount of specificity and certainty. Not that this will be how things ultimately turn out – but it’s the confidence that’s the crucial element.

We always say: “Sometimes wrong, but never in doubt.” Or, as they say in Hollywood: “The screenplay isn’t the movie that ultimately gets made, but it’s what gets the movie made.” You’ve got to have a plan and you’ve got to get the process started. Everything else will fall in place along the way. And finally, although many artists think of their work as asocial and solitary, the great thing about innovation and building a team to build a business is the amazing and exciting way that the collaborative process becomes contagious and additive and you get to sit there together and just watch the magic happen as your dreams and ideas become concrete realities and just get better and better as time goes on.

(more…)

Wealth Essentials Radio AM560

Sunday June 17th listen to Wealth Essentials Radio on AM560 from 5:30 to 7:00pm.  I will be the featured guest to discuss financial and tax issues regarding fathers and their family.  See link for more information.

http://campaign.r20.constantcontact.com/render?llr=hjbatrjab&v=001AbyoPARFHBNLZRM7DFzWE-BHO19KOfiPgg86KUwodkDTMyVwnejTnK4v2tIPEZQHOLCuLA4nu5eIGiwatWhYf7e7CQHuUM-A8J5wjqE4GD4%3D

Wealth Essentials Radio

Listen to Wealth Essentials Radio on Sunday, May 27th from 5:30pm to 7:00pm.  I will be giving tax tips and important information at approximately 6:45pm.

 

See attached link for more information.

http://campaign.r20.constantcontact.com/render?llr=hjbatrjab&v=001Sr5a1LSTp6M4UHs0zyG7ndL2gnn2oHB0jUVeszudprJWJKzLQnz-6zYyk8REHwI-OsTBJOpXaqo-WGc1RpHqF5qnmYLCloRvghj46kpPnjI%3D

Chicago Southland Chamber of Commerce

The Chicago Southland Chamber of Commerce Annual Meeting was a great night as Jeff Arseneau passed the gavel to me for 2012.  2011 was a great year for the Chamber under the leadership under Jeff Arseneau.  Jeff is a strong leader, good friend and mentor.  He hands the gavel over to me I want to work harder to improve the Chamber for 2012.  See the link for more information

trib article

 

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