Thread: Write offs?
View Single Post
  #13  
Old 12-21-2012, 07:00 PM
Kelly's Landscaping's Avatar
Kelly's Landscaping Kelly's Landscaping is offline
LawnSite Gold Member
 
Join Date: Dec 2003
Location: Milford CT
Posts: 3,686
Quote:
Originally Posted by Smallaxe View Post
As an S-corp. I was recieving notices from the FEds about health ins. for my Employees, even though we were 2 only...
This happened as soon as Obamacare was signed into existance... I killed the Corporation the very next week... I quit the tax business due to the headaches involved and I cerainly wasn't going to deal with the paperwork of Obamacare...
Sole Proprietorship is just fine, if done correctly...
Think you may have prematurely given up on your corp. Iv read as much as I can on Obamacare and if you have fewer than 50 employees most of it misses you. You are still going to get whacked with the personal fine for not having it which goes to 2.5% of your income in 2016 but thats only 1000 at 50K. (yes I know not exactly 2.5% in that example but its their numbers and they phase it in funny and skip the first 9k or so) They led every one to believe the fine was either 695 or 750 but the actual current cap is 4700 which is reached at 200k income. What I find funny is 37k vs 9k both pay the 695 dollar fine in 2016.

Iv always had a payroll service so we allow them to do a lot of the paper work. Now where Obamacare gets rude and will in fact cost millions of Americans their jobs no debate about it is the fines over 50 employes. At 51 the stated fine is 2000 per employee over your first 30 so that would be 21 employees times 2000 or 42000. But that is a lie and like the rest of the bill was designed to fool you. Every employee that gets his own insurance through and exchange or say he doesn't like your plan cause you require him to pay part so he goes on the exchange. They do not get fined at 2000 each they get fined at 3000 each even if you offer your employees insurance!!!! Now you have 51 they will base the fine on at 21 employees do you have any doubt they will be able to pick 21 out of 51 on their exchanges of course they will. So the fine is now 21 employees times 3000 or 63000 for adding that next employee. And it gets even better its not deductible so the effect is closer to 100k pre tax.
Reply With Quote
 
Page generated in 0.03543 seconds with 7 queries