Category: <span>Government Rebates and Payments</span>

Obamacare Penalty or ACA Individual Mandate Repealed and Scrapped from 2019 – But Still Applies in 2017 and 2018

While Congressional Republicans were unable to muster the required majorities to pass several versions of House and Senate health care replacement bills, they were able to include a provision to repeal the individual mandate (i.e. the Obamacare penalty) via successfully passing their GOP tax reform bill to support President Trump’s tax reform…

Updated 401K, IRA Contribution Limits For 2021 vs 2022 Estimated Changes

The IRS has released its latest cost of living adjusted retirement plan contribution limits and qualifying income thresholds for 2021. The table below shows the recent year over year changes. I have also listed expected 2022 changes based on my research and recent inflation figures (which also resulted in a…

I Like Donald Trump But Will Drop Him Like a Hot Potato if He Raises My Taxes

The title of this article is from a reader (Barry P.) who had this comment on Trump's proposed tax reforms: I live in Massachusetts and make $61,000.00 annually. I own a home and pay mortgage interest of around $12,000 dollars. My state income taxes and property taxes amount to another…

Will I Still Have to Pay an Obamacare Health Insurance Penalty in 2017 or 2018?

Will i still have to pay health insurance penalties (under the Obamacare individual mandate) in 2017 or 2018? This is the question a lot of Americans are asking under the House and Senate health care replacement bills. The short answer is NO. In fact both bills repeal the individual mandate…

Do Republican Health Care Changes to Repeal Obamacare Impact You?

The Senate has announced their health care plan - the BETTER CARE RECONCILIATION ACT (BCRA) - which is in line with the house bill, with key changes being made to appease more moderate Republicans. NPR had a nice summary comparing Obamacare, AHCA (House bill) and BCRA (Senate bill) shown in the graphic below.…

2017 and 2018 Trump Economic Stimulus, Tax Breaks and Credits for Individuals, Corporations and Investors

With Donald J. Trump now America's 45th president many are now asking if he can bring around the economic change promised while on the campaign trail. A lot of people voted for him as a change agent and from an economic point of view at least are hoping he can…

ObamaCare (ACA) Repeal and Replacement via American Health Care Act (AHCA) ON HOLD for 2017 and 2018

[Latest Update] The repeal and replacement of Obamacare via the American Health Care Act, the Ryan-Trump administration proposal, is officially on hold following a lack on unity across the Republican party to get the AHCA bill approved in the House. With no Democrat member support, it had to be passed by all…

Obamacare ACA Maximum 2015 Penalty To Top $12,000 For Higher Income Earners

For the 2015 tax year, the Obamacare or Affordable Care Act (ACA) shared responsibility is set to double from a maximum $975 per household in 2014 to approximately $12,850 per household. This is based on the percentage of income criteria, versus the flat tax/penalty amount outlined below. To avoid being…

Expanding the Earned Income Tax Credit in 2016

** See this article for the latest Earned Income Tax Credit adjustments released by the IRS ____________________________ [Updated following SOTU speech] Following President Obama's state of the union speech and in addition to the items below, he had some good news on expanding the Earned Income Tax Credit (EITC) for…

2026 Maximum Weekly Unemployment Insurance Benefits and Weeks By State

Listed in the table below are the latest maximum weekly unemployment insurance benefit/compensation amounts by state. The Unemployment compensation (UC) program is designed to provide benefits to most individuals out of work or in between jobs, through no fault of their own. Note, the table contains the the maximum regular weekly…

2024-2025 Savers Tax Credit and Income Limits to Help Workers Save for Retirement

[Updated with latest details per the IRS] The savers credit helps middle to lower income earners save for retirement by providing a tax credit offset to retirement plan (401k and IRA) contributions. But a lot of people don't know about or take advantage of this little known credit, officially referred to by…

Obamacare Health Insurance Purchase Requirement Extended?

[Update March 31st 2013] Extension to purchase health coverage may now be in the works. The original deadline to purchase coverage, before incurring penalties was March 31st, 2014. But a number of state exchanges, like Covered California said that, "Individuals who start an online application by 11:59 p.m. on March 31, 2014, will have until…

2023-2024 Supplemental Security Income (SSI) Maximum Amount and Updates

Supplemental Security Income (SSI) is a program administered by Social Security that provides monthly payments to significantly disabled adults, children and seniors over 65 with low income and limited resources. To be eligible for SSI, a person must be 65 or older, blind, or have a medical condition that prevents…

2014 SNAP (Food Stamp) Program Facing Billions in Spending Cuts as Farm Bill Debate Rages

[Updated November 2013] Without an extension to the 2009 stimulus funding for the Food Stamp/SNAP program, millions of Americans who rely on this program are going to see a cut in their benefits. The overall cut to the the program is around $5 billon dollars with the CBPP estimating the…

Category: Government Rebates and Payments