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Thanks that's great advice. It seems there is absolutely zero discounts using CoveredCA when you earn more than $50,000 a year.
by nodesocket 10y ago
Thanks that's great advice. It seems there is absolutely zero discounts using CoveredCA when you earn more than $50,000 a year.
- 7alman 10y agoUse your 'company' to pay for your expenses and draw less than $50,000 as salary. Problem solved.
- nodesocket 10y agoIf I use my company credit card, how does that help? Both scenarios would be tax write offs correct?
- 7alman 10y agoYou said that you need to be making < $50,000 to be considered for a discount from coveredCa. If you're using your company to pay for your expenses, and you draw less than 50G in personal income. You should be eligible for a discount.
- nodesocket 10y agoI have a 100% ownership LLC, so my personal income is combined with business income.
- Inhibit 10y agoI think what the previous poster is getting at is that in the US it may benefit you to have a more byzantine vehicle for your work. Such as an SCorp. It'll take a bit more research and possibly some extra filing but you may benefit from it. In exchange for moving your income to a more employee like arrangement you'll be able to move things like this directly above the fold in some cases. Or LLC filing as SCorp for federal tax purposes. Although that's the sort of thing you'll want to look at the 1040 rules for.
- stellar678 10y agoAlso known as tax fraud.
- rixrax 10y agoFor CoveredCA, does anyone know if capital gains count towards $50k? Or 'just' your ordinary income?
- nshelly 10y agoYes, looks like it includes all forms of income - capital gains, dividends, etc. However, it is using the MAGI so you could potentially use a solo 401(k) to defer income and get under that threshold. http://insuremekevin.com/type-income-counted-covered-california-aca-plans/ http://insuremekevin.com/type-income-counted-covered-califor...
- obstinate 10y agoThis might help: http://www.cahba.com/blog/2013/11/magi.html http://www.cahba.com/blog/2013/11/magi.html
- stevesearer 10y agoI believe you can't pay for employees' individual plans using company money because they might qualify for subsidies. Having taxpayers subsidize your company benefits is a no-no, so you'd need a group plan once you offer health insurance for employees.