We don't need to go into the details of the ruling itself -- just turn on your television, and somewhere, somebody is opining on it right now! But we do want to remind you the Court's decision means several new taxes will go into effect as scheduled:
·
On
January 1, 2013, the Medicare Tax
will go up by 0.9% for individuals earning over $200,000 ($250,000 for joint
filers, $125,000 for married individuals filing separately).
·
Also
on January 1, there will be a new "Unearned
Income Medicare Contribution" of 3.8% on investment income, for those
earning more than $200,000 ($250,000 for joint filers).
·
Beginning
on January 1, 2014, there will be a new $2,500
limit on tax-free contributions to flexible spending account.
·
Also
beginning January 1, 2014 employers with more than 50 employees will face a
penalty of $2,000 per employee for not
offering health insurance to full-time employees.
·
Finally,
the threshold for deducting medical and
dental expenses rises from 7.5% of adjusted gross income to 10%. This will
make these expenses even harder to deduct without help from advanced strategies
like Health Savings Accounts or Medical Expense Reimbursement Plans.
That’s
not all. On January 1, 2013 the so
called “Bush Rates” are repealed and
we go back to the “Clinton Tax Rates.” This change impacts every taxpayer. So, while the constitutional issues of
Obamacare may be settled, several planning challenges certainly remain. We'll
be following developments carefully in order to help you navigate these new
challenges. If you have any questions, don't hesitate to call us at
402.362.6636. In addition, now that the
Supreme Court has ruled we will be planning a local seminar and/or webinar to
keep you informed.
