Daycare.com Forum

Go Back   Daycare.com Forum > Daycare and Taxes

Daycare and Taxes All things related to Taxes and running a Daycare post here. Topics of tax exemptions, forms, filings, tax write offs, IRS etc.

Reply
 
Thread Tools Display Modes
  #1  
Old 12-11-2017, 01:53 PM
MissAnn's Avatar
MissAnn MissAnn is offline
Preschool Teacher
 
Join Date: Jan 2011
Posts: 2,210
Default Section 105/Healthcare.gov

Not sure if I even know how to ask this question.
With section 105 and being able to deduct medical expenses and insurance as a business expense, we will qualify for the healthcare.gov tax credit. Without it I would say is risky. We might go over on our income.

So, If we qualify for it based on our section 105 deductions....do we still get the tax credit? This is my thinking....with the tax credit, we didn't really pay our insurance (or at least get reimbursed at the end of the year).....so it seems like we shouldn't be able to deduct our premiums but maybe we can deduct our medical expenses.

Does this make sense, because I can't make it make sense in my head.

Tom.....help! And thank you!
Reply With Quote
  #2  
Old 12-12-2017, 01:28 PM
TomCopeland's Avatar
TomCopeland TomCopeland is online now
Business Author/Trainer
 
Join Date: Jun 2010
Location: St. Paul, Minnesota
Posts: 2,798
Default tax credit

Quote:
Originally Posted by MissAnn View Post
Not sure if I even know how to ask this question.
With section 105 and being able to deduct medical expenses and insurance as a business expense, we will qualify for the healthcare.gov tax credit. Without it I would say is risky. We might go over on our income.

So, If we qualify for it based on our section 105 deductions....do we still get the tax credit? This is my thinking....with the tax credit, we didn't really pay our insurance (or at least get reimbursed at the end of the year).....so it seems like we shouldn't be able to deduct our premiums but maybe we can deduct our medical expenses.

Does this make sense, because I can't make it make sense in my head.

Tom.....help! And thank you!
That's a good question! Does the fact that the tax credit reduces your insurance premiums mean that you can't deduct the full insurance premium through a Section 105 plan? I don't know. Ask the company that carries the Section 105 plan. TASC is the largest company offering such plans and they will know the answer: https://www.tasconline.com/
__________________
http://www.tomcopelandblog.com
Reply With Quote
  #3  
Old 12-12-2017, 04:41 PM
MissAnn's Avatar
MissAnn MissAnn is offline
Preschool Teacher
 
Join Date: Jan 2011
Posts: 2,210
Default

Quote:
Originally Posted by TomCopeland View Post
That's a good question! Does the fact that the tax credit reduces your insurance premiums mean that you can't deduct the full insurance premium through a Section 105 plan? I don't know. Ask the company that carries the Section 105 plan. TASC is the largest company offering such plans and they will know the answer: https://www.tasconline.com/
Thank you! I am working with tasc so I will call them tomorrow.
Reply With Quote
Reply

Tags
aca, affordable care act

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Can I Please Have Some Advice on a Section in My Newsletter? melilley Daycare Center and Family Home Forum 4 11-18-2013 04:21 PM
Nap Time Section In Contract CrackerJacks Daycare Center and Family Home Forum 3 02-28-2013 01:43 PM
What Happened To The Chat Section? Country Kids Daycare Center and Family Home Forum 5 09-10-2012 04:47 PM
Michael, Book Review/Club Section? dEHmom Daycare Center and Family Home Forum 16 05-10-2012 10:53 AM


All times are GMT -7. The time now is 06:45 PM.



Daycare.com         Find A Daycare         List Your Daycare         Toys & Products                 About Us

Daycare.com
Please read our Disclaimer before continuing.

Topics pertain mainly to the following States:

Alabama Alaska Arizona Arkansas California Colorado Connecticut Delaware District of Columbia Florida Georgia Hawaii Idaho Illinois Indiana Iowa Kansas Kentucky Louisiana Maine Maryland Massachusetts Michigan Minnesota Mississippi Missouri Montana Nebraska Nevada New Hampshire New Jersey New Mexico New York North Carolina North Dakota Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Vermont Virginia Washington West Virginia Wisconsin Wyoming