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How the Health Care Law Will Impact Your Taxes

The intent of this article is to explain how the Affordable Care Act will impact your pocketbook when the healthcare taxes kick in, and when the mandatory insurance requirement becomes effective. Here are the details for your 2013 tax return:

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IRS Introduces New Safe Harbor Home Office Deduction
Effective for tax years beginning in 2013, taxpayers can elect a simplified deduction for the business use of the taxpayer’s home. The deduction is $5 per square foot with a maximum square footage of 300. Thus the maximum deduction is $1,500 per year. Here are the details of this simplified method:

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Tax Rates Increase
Tax rates, both ordinary and capital gains, increased in 2013, and future years, for higher income taxpayers whose taxable income exceeds the income threshold for their filing status.

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Don’t Overlook the Small Employer Health Insurance Credit
If you are an eligible small employer or a tax-exempt eligible small employer, you may qualify for the small employer health insurance premium credit. This credit is one of the first health care reform provision to take effect as a result of the Health Care Act that was enacted in 2010. The credit reduces a small employer’s tax liability and is claimed on the employer’s income tax return; for eligible tax-exempt employers, the credit reduces the organization’s payroll taxes.

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