Health Care and Taxes: A Pause Before Impact
February 12, 2011
| But far-reaching these measures are, like a 10 percent tax for visiting a tanning salon (it took effect last July) and a first-time Medicare bite on investment income (coming in two years). A 40 percent tax on high-value health coverage begins in 2018. … Beginning in 2013, that threshold for taking medical deductions rises to 10 percent of adjusted gross income, from 7.5 percent. Also in 2013, a new $2,500 limit kicks in for flexible spending accounts, which can be used for health costs. βItβs something people are starting to fret about,β said Claire E. Toth, a planner and tax specialist at Point View Financial Services in Summit, N.J. Click here to read the full story. |