|Bookkeeping and payroll|
|New business startup|
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|How The New Healthcare Law
Will Affect You And Your Taxes
Employees are now limited in the
amount that they can contribute to
health care flexible spending accounts.
This was previously a discretionary
amount; now it is capped at $2500.
Beginning in 2013 the itemized
deduction limit for medical expenses
will increase from 7.5 percent to 10
Finally, individuals who do not procure
their own health insurance by 2014 will
be taxed. This tax will be phased in
over three years starting at the greater
of $95 or 1 percent of income and rising
to the greater of $695 or 2.5 percent of
income in 2016.