Anybody understand Obamacare?

Parent Cafe
101

<p>I’m not an expert at tax law, but you should definitely check out whether you can shelter some income, and make sure that if it needs to happen by Dec. 31st, it happens by Dec. 31st.</p>

102

<p>And be sure you’re properly calculating how much of his scholarship is taxable. </p>

103

<p>Actually, the deadline for making 2014 contributions to an IRA or a self-employed SEP IRA would be April 15th – so no need to rush on those. There is no other way for a self-employed person to “shelter” income, but you can still reduce income potentially by increasing business expenses. The easiest way to do that is pay bills that come due in January early, before the end of December. (In other words, if you typically pay the rent for your business premises on January 2, pay it on December 31 instead.). </p>

104

<p>IRS has published a new brochure:
Health Care Law-- What’s New for Individuals and Families
<a href=“http://www.irs.gov/pub/irs-pdf/p5187.pdf”>http://www.irs.gov/pub/irs-pdf/p5187.pdf&lt;/a&gt;&lt;/p&gt;