Kiplinger tracked down the tax implications of the health care reform bill Barack Obama signed into law Tuesday.
Here are a few of the changes:
â€¢A new 10% excise tax on indoor tanning services that takes effect for services provided after June 30, 2010.
â€¢Giving small firms tax credits as incentives to provide coverage, starting this year. Employers with 10 or fewer workers and average annual wages of less than $25,000 can receive a credit of up to 35% of their health premium costs each year through 2013. The credit is phased out for firms larger than that and disappears completely if a company has more than 25 employees or average annual wages of $50,000 or more. Beginning in 2014, small firms that sign up with one of the health exchanges to be created can receive a credit of up to 50% of their costs.
â€¢A requirement that businesses include the value of the health care benefits they provide to employees on W-2s, beginning with W-2s for 2011.
Check out the link before for the full article. Consumerists, how will the paradigm shift change the way you plan for health care expenses and taxes?
Health Care Reform: Tax Hikes on the Way [Kiplinger]