Archive for September 2014

Penalties for inadequate healthcare insurance double in 2015.

The ACA, Affordable Care Act, penalty will equal 2% of earnings for those making over the threshold relating to filing status.  Penalties will rise again for the last time in 2016 to 2.5%.  See below for details for a family MFJ status:

Shared Responsibility Payment Calculation for Married Filing Joint under 65 =

    The greater of 

2015 –   Adult – $325  +   Child – $162.50  Total up to $975 per family

               Or 2% of income over $20,600 (no cap)

2016 –  Adult – $695  +   Child – $347.50  Total up to $2,085 per family

              Or 2.5% of income if Threshold (no cap)

 

PARR & ASSOCIATES passes on Cloud virtual storage.

We believe any virtual storage security system can be breached so here at Parr & Associates we avoid public storage options completely.  Returns are delivered or picked up through hard copies and we encourage all sensitive data to be faxed, mailed or hand delivered for added security.