Self employed health insurance

08 Feb

Step-By-Step Plumbing Apprenticeships | 33USD.COM
… can earn is often talked about in the papers. Figures of 30-70k pa are touted, alongside much talk of the profound shortage in the number of Plumbers within the UK. So, are we being told a story or is this the genuine picture? Certainly this level of payment is both possible and achievable for the correctly qualified Plumber. To be fair, the higher earnings of 70-100k pa are generally for those working within the self-employed field. … health insurance quotes … read more…

How To Find Affordable Health Insurance | The Wise Buck
How to Find Affordable Health Insurance When you are on your own or self employed, finding affordable health insurance can be a bit overwhelming. In this. read more…

Are Health Insurance Premiums Deductible In Year Paid? | All about …
Unless you are self-employed, health insurance premiums are only deductible under schedule A, where you can only deduct the medical and dental expenses that exceed 7.5% of your income . According to the instructions they should be … read more…

From Google Blog Search

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When you’re young, the last thing on your mind is health insurance. You feel fit, healthy and after all, there’s always the NHS to fall back on. But as you get older and responsibilities start to moun… read more…

Business Start-Up Fact Finder Manual Part 2
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While writing a business plan can be made into a highly sophisticated undertaking especially by large corporations, its easy to do when done for a new or smal… read more…

From GoArticles.com

Open Question: Can you help me to reduce my federal income tax liability?
Hello. I am trying to figure out if there is a way to reduce my tax liability. As you can see from the numbers below, my federal tax liability has been steadily increasing: 2006, 8,446; 2007, 12,039; 2008; 14,601. I am currently working on my 2009 federal tax return, but I believe that the upward trend will continue.

I have always used the standard deduction and exemption. I contribute the maximum allowable amount to my traditional 401k. I pay a portion of my employer provided health insurance premium, which reduces my federal taxable income. I do not own a home, so I can’t itemize and deduct mortgage interest or property taxes. I don’t think I can deduct for an HSA because I have employer-sponsored health insurance. I am not self-employed. I do not pay alimony. I do not think I am eligible for a traditional IRA deduction because my income is too high. I do contribute the full allowable amount to a Roth IRA, however. I have paid off my student loans, so no interest deduction there. My filing status is single and I can only claim myself as an exemption. I don’t think I am eligible for the earned income credit due to my income level. I am 39 years old.

For 2009, I had laser eye surgery. I put the cost for it in an employer based FSA and that allowed me to pay for the surgery with pre-tax income.

Would a master limited partnership, or a deferred annuity or some other investment reduce my tax liability? My investments are mostly in 401K, 403b, Roth IRA, after tax mutual funds and an emergency fund.

I am hoping to retire early. Is there any way that I can reduce my tax liability while I am in the accumulation phase.

Here are my numbers:

2008
83,397 Adjusted Gross Income
74,447 Federal Taxable Income
14,601 Total Federal Tax
17.51% Effective Tax Rate
78,948 wages
928 taxable interest
3,082 ordinary dividends
2,445 qualified dividends
439 capital gain

2007
74,411 Adjusted Gross Income
65,661 Federal Taxable Income
12,039 Total Federal Tax
Effective Tax Rate 16.18%
65,120 wages
265 taxable interest
3,083 ordinary dividends
1,621 qualified dividends
5,943 capital gain

2006
58,216 Adjusted Gross Income
49,766 Federal Taxable Income
8,446 Total Federal Tax
51,342 wages
292 taxable interest
2,419 ordinary dividends
1,391 qualified dividends
4,161 capital gain

Thank you for your advice!