Todd Preston
Expert
- 79
Hi all,
I see a problem brewing in Fla (and perhaps many other states too).
I'm in Florida and I have "self-employed" clients who have shown losses in 2013 and estimated their income for 2014 to be aprx 1k per mth. I come to learn "Now"...that this income "estimate" is supposed to be "profit" (in other words, you need to show a profit of 12k on your tax returns for 2014).
Wow....COULD be problematic to say the least.
The net income to qualify for OBAMA CARE (from what i have heard in my state) is 12k for a single person. IF its under 12 (or there bout), the client would have to go with a Medicaid solution (which doesn't happen in Florida).
Now the problem i can fore-see is this. The Same clients will show losses in 2014 on their tax returns, but claim about 1k per mth in 2014 with the Health Ins. Mrkt Place ? ? ?
Apparently, the only solution would be to someone how come up with Income to reflect at 12k Net income for 2014 (which would be taxable income).
Anyone else fore-see this problem with their clients?
I see a problem brewing in Fla (and perhaps many other states too).
I'm in Florida and I have "self-employed" clients who have shown losses in 2013 and estimated their income for 2014 to be aprx 1k per mth. I come to learn "Now"...that this income "estimate" is supposed to be "profit" (in other words, you need to show a profit of 12k on your tax returns for 2014).
Wow....COULD be problematic to say the least.
The net income to qualify for OBAMA CARE (from what i have heard in my state) is 12k for a single person. IF its under 12 (or there bout), the client would have to go with a Medicaid solution (which doesn't happen in Florida).
Now the problem i can fore-see is this. The Same clients will show losses in 2014 on their tax returns, but claim about 1k per mth in 2014 with the Health Ins. Mrkt Place ? ? ?
Apparently, the only solution would be to someone how come up with Income to reflect at 12k Net income for 2014 (which would be taxable income).
Anyone else fore-see this problem with their clients?