Thursday, December 12, 2013

Do I have to buy health insurance?

Beginning January 1, 2014 most Americans will be required to carry health insurance for
themselves and their dependents or pay a penalty when they file their tax return. This is known as the Individual Mandate of the Patient Protection and Aordable Care Act.  If one of the following applies to you then you are not required to obtain health insurance:

1.     Members of certain religious groups and Native American tribes
2.     Undocumented immigrants
3.     Incarcerated individuals
4.     People whose incomes are so low they don't have to file taxes
5.     People with household income below 100% of the federal poverty level in states that did not expand Medicaid
6.     People who are uninsured for a period that is less than 3 months
7.     People for whom health insurance is considered unaordable (where insurance premiums after employer contributions and federal subsidies exceed 8% of family income)

If you already have qualified health insurance, you are covered and are not required to take any action. Examples of qualified health insurance include:
1.     Medicare
2.     Medicaid or Children's Health Insurance Program (CHIP)
3.     TRICARE for Life program
4.     Veterans’ health care
5.     Health coverage plan available to Peace Corps volunteers
6.     Employer-sponsored plans, provided that:
a.      The plan covers at least 60% of covered costs.
b.     The employee’s cost for self-only coverage is not more than 9.5% of the employee’s household income. If the cost of the insurance is more than 9.5% of household income, the employee may be eligible for a subsidy if they purchase insurance through a Health Insurance Marketplace (or Exchange). They must opt out of the employer insurance: they cannot be enrolled in qualified insurance and be eligible for the premium assistance credit, even if that insurance is greater than 9.5% of household income.


If you are not exempt and are not covered by qualified health insurance, you may qualify for a premium assistance credit to help oset the cost of the insurance if you buy insurance through a government-run Exchange.  Household income must be between 100%–400% of the federal poverty level to be eligible for a credit.  To determine if you qualify for the premium assistance credit, what the maximum cost of insurance would be, and what the penalty would be for going without insurance please use our free calculator.

Friday, November 8, 2013

Organizing and Tracking Receipts

Have you been searching for a way to easily manage your paper receipts and documents with the easily trackable and convenient resources of cloud computing without scanning everything in? Wouldn’t you like having all your receipts organized and online (in the cloud) accessible from anywhere?  This would clean the paper clutter off your desk and out of your office completely.  Shoeboxed.com is an innovative website that allows you to photograph, email or mail your paper records and receipts to them where they store and organize them for you in your own personal space in the cloud, making cataloging and storage, as well as filing and recall, simple, economical and intuitive.

Utilizing Shoeboxed, you simply take a picture of your receipt, in the restaurant, at the gas station, anywhere, with an app for your iPad, your tablet or smart phone and submit it to the website and they will extract the necessary information to categorize all your expenses for you.  If you buy a lot of things online then simply forward your receipt in an email to your personal secure document storage server and they will extract the necessary information and your records will be updated.  For all of those invoices you get in the mail, you can either use their prepaid envelops to send them to your storage space or scan them in and mail them, the choice is yours.

Again, once Shoeboxed receives your receipt it automatically categorizes it for you so you can easily recall your documents at any time.  In addition, Shoeboxed is compatible with the most common accounting software, such as QuickBooks®, so you can download your already categorized receipts right into your accounting program.  Your own personal storage space has an intuitive easy to use interface where all of your organized receipts can reside.  In addition, Shoeboxed is accepted by the Internal Revenue Service.  If you’re ever audited you can submit the receipts that you saved online for your deduction on your tax return.  This is a great help for individuals who itemize as well as small businesses, who need to retain proof of every deduction.

If you ever need a copy you can download them in a variety of formats including  PDF, XLS or CSV.  This enables you to access and share your documents in whatever way you choose, from wherever you choose.  No more need to remember where you filed something or if you filed it. 

Shoeboxed is a professional, intuitive website designed to be accessible and friendly to use, and have customer support staff on call to assist with any questions or compliments you may have. Its website offers several videos to get you started. Shoeboxed is the only documents scanning and organization tool you will ever need. It is a reliable and easy to use solution to saving your needed tax documents.

Tuesday, November 5, 2013

Get organized BEFORE tax season

Hello!  This is just a quick shout out to let you know that I'm in the process of reviewing a paperless solution called Shoeboxed, which at first glance sounds very promising.  The software provides multiple ways for you to upload your receipts to the cloud where they are safely stored and organized.  It appears to be a great was to manage your receipts and business cards online.  I hope to have a review for you to read soon, but until then why not take a look at it yourself.  You can eliminate the hassle of paper receipts before tax season and best of all, the first month is FREE at Shoeboxed.com!