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    A2 in Business Times

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    The document discusses the individual mandate penalty for not having health insurance. It provides details on how the penalty is calculated based on household income and explains that the penalty increases over time. It also lists some exceptions to the penalty and notes that open enrollment starts again in November for purchasing insurance. The summary warns readers not to be surprised by the individual mandate penalty come tax filing time.

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    A2 in Business Times

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    23 views2 pages
    The document discusses the individual mandate penalty for not having health insurance. It provides details on how the penalty is calculated based on household income and explains that the penalty increases over time. It also lists some exceptions to the penalty and notes that open enrollment starts again in November for purchasing insurance. The summary warns readers not to be surprised by the individual mandate penalty come tax filing time.

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    Jim Denton Business Matters Section

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    The document discusses the individual mandate penalty for not having health insurance. It provides details on how the penalty is calculated based on household income and explains that the penalty increases over time. It also lists some exceptions to the penalty and notes that open enrollment starts again in November for purchasing insurance. The summary warns readers not to be surprised by the individual mandate penalty come tax filing time.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    23 views2 pages

    A2 in Business Times

    Uploaded by

    Price Lang
    The document discusses the individual mandate penalty for not having health insurance. It provides details on how the penalty is calculated based on household income and explains that the penalty increases over time. It also lists some exceptions to the penalty and notes that open enrollment starts again in November for purchasing insurance. The summary warns readers not to be surprised by the individual mandate penalty come tax filing time.

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    of 2

    business matters

    JIM Denton
    L edger Lines

    Dont Be Surprised By the Individual Mandate

    ome might say that Im a control


    freak because I just dont like
    surprises. Not surprise birthday
    parties, surprise baby showers or shotgun
    weddings. I dont like surprise IRS notices
    for sure, so no surprises please!
    Just so you wont be surprised, you
    should know we already have passed the
    deadline for individuals and families to
    obtain health insurance coverage or be
    penalized on their tax returns. If youre not
    covered by health insurance, the penalty
    is the greater of 1 percent of household
    income above the single filing threshold of
    $10,150 or $95 per person and $47.50 per
    child up to $285 per family. The penalty
    will be paid on your IRS form 1040.
    For example, if your yearly household
    income is $110,000 and you did not
    maintain coverage, the individual mandate
    penalty would be $998.50 ($110,000
    - $10,150 = $99,850 x 1% = $998.50).
    Conversely, if your yearly household
    income is $20,000 and a family of four
    (two adults and two children), the penalty
    would be $285 ($95 x 2 = $190 + $47.50
    x 2 = $285). The penalty increases to 2
    percent of household income or $325 per
    person in 2015 and to 2.5 percent and
    $695 in 2016.
    If you missed the deadline, and you
    signed up to buy health insurance later,
    the penalty is prorated for the number of
    18

    August 2014 | The Business Times

    months during the year that you were not


    covered. Even though the Marketplace is
    currently closed, open enrollment starts
    again in November, you still can purchase
    insurance on your own through employers
    and private insurance companies.
    There are some exceptions to the rules,
    such as:
    You were uninsured for less than
    three months.
    The lowest-priced insurance would
    cost more than 8 percent of your
    household income.
    You dont have to file a tax return
    because your income is too low.
    You are a member of federally
    recognized tribe or are eligible for
    services through an Indian Health
    Service provider.
    You are a member of a recognized
    health care sharing ministry.
    You are a member of a recognized
    religious sect with religious objections
    to insurance including Social Security
    and Medicare.
    You are incarcerated, and not
    awaiting the disposition of charges
    against you.
    You are not lawfully present in the
    United States.
    Another tax item to consider is the
    credit that must be calculated for those
    who purchased their insurance in the

    Marketplace. This credit is also known as


    the government subsidy. According to the
    IRS, you must meet certain criteria to be
    eligible for the credit.
    You are eligible for the credit if you:
    Buy your health insurance through
    the Marketplace;
    Are ineligible for insurance through
    an employer or government plan;
    Are within certain income limits;
    Do not file a Married Filing
    Separately tax return; and,
    Cannot be claimed as a dependent by
    another person.
    Individuals who qualify for the credit
    can choose to get the credit now and have
    it sent directly to their insurance company
    or claim the full amount when they file
    their 2014 or 2015 tax returns.
    Recently, a panel of judges from a
    federal appeals court ruled that the IRS
    could not grant premium tax credits due to
    ambiguous wording in the original law. At
    this writing, the decision is under review.
    Nevertheless, dont be surprised come
    filing time. Surprises are not fun.
    JIM DENTON is a CPA and a managing
    partner with Arledge & Associates P.C. in
    Edmond. He may be reached via email at
    [email protected].

    Business Briefs
    Cole promoted at Arledge and Associates
    Ann M. Cole has been promoted
    to senior audit manager at Arledge
    and Associates PC, the Edmond
    accounting firm announced.
    A Certified Public Accountant
    and Chartered Global Management
    Accountant, Cole previously
    served the firms clients as an audit
    manager. She will continue to work
    directly with clients in her new
    leadership role.
    Anns background includes
    Ann M. Cole
    service with the states auditor
    and inspector as well as in private
    industry as a controller and chief financial officer, said Jim Denton,
    the firms managing partner. Having experienced the auditing
    process from both sides of the table gives Ann the qualifications and
    knowledge to help guide our audit team.
    Cole received her masters degree in accountancy from the
    University of Oklahoma in 1996 after earning her bachelors degree in
    accounting from OU in 1991.
    Arledge & Associates, PC is a recognized leader in the accounting
    industry offering practical solutions in the areas of tax planning,
    auditing, consulting, accounting advisory services and client
    accounting.

    Blog ranks Edmond as fourth safest city in state


    A real estate blog has ranked Edmond as the fourth safest city in
    Oklahoma.
    The blog published by Movoto, an online real estate brokerage
    based in San Mateo, Calif., says it has been researching each state to
    determine which cities, towns and places are safer than the rest by way
    of an objective analysis.
    Movoto stated it listed the 10 safest places in Oklahoma to help
    relocating citizens quickly access relevant information such as the
    cost of living, the quality of schools and how safe the community is.
    The safest cities according to the list are, in order: Yukon, Mustang,
    Sapulpa, Edmond, Owasso, Guthrie, Broken Arrow, Elk City,
    Claremore and Guymon.
    Edmond Police Department spokeswoman Jenny Monroe said the
    agency prides itself on providing a high level of service.
    Our officers and staff take this as a compliment, she said. We
    continuously strive to improve the level of service that we provide to
    the residents of our community.
    Monroe said Edmond was the 28th safest city in the U.S. for
    cities above 75,000 in the FBIs most recent Uniform Crime Reports,
    which are based on violent crimes. The UCR also ranks Edmond first
    among the largest and safest Top 10 cities in the state, and the city is
    among the Top 10 safest in property crimes, Monroe said.
    Movoto says it uses criteria that are not 100 percent scientific,
    and its goal is to spark a discussion about a city. It strives to make the
    rankings accurate, and tries to use authoritative sources including data
    from the U.S. Census Bureau, the U.S. Bureau of Labor Statistics and
    the U.S. Centers for Disease Control.
    28

    August 2014 | The Business Times

    Allstate names Edmond owner as Agent of the Year


    As a business leader and
    involved citizen in the Edmond
    area, Allstate exclusive agent Larry
    Dumas Jr. has been designated an
    Oklahoma Exclusive Agent of the
    Year for his outstanding business
    performance and commitment to
    putting customers at the center of
    his agencys work.
    The Oklahoma Exclusive Agent
    of the Year designation goes beyond
    successful business results, said
    Larry Dumas Jr.
    Jim Turner, regional sales leader
    for Allstate. This honor also
    demonstrates Larrys commitment to taking care of customers and
    helping them protect what matters most.
    Dumas and his staff are dedicated to helping customers meet their
    protection and retirement needs while managing a successful small
    business.
    Its a tremendous honor to be named an Oklahoma Exclusive
    Agent of the Year, Dumas said. Our agency works hard to provide
    above and beyond service to the Edmond community, and were
    thankful for all the loyal customers who continually allow us to earn
    their business.
    The agency is at 1800 S. Boulevard in Edmond and Dumas can be
    reached at 340-6500.

    University of Central Oklahoma recognized as having a friendly


    work environment
    The Chronicle of Higher Education named the University of
    Central Oklahoma as one of the 2014 Great Colleges to Work For.
    Central is the only higher education institution in the state
    recognized on the list and one of only a handful of institutions in the
    nation given the distinction of being named to the Honor Roll for
    being cited most often among all the recognition categories.
    Central joins Duke, Baylor and Notre Dame on the list of the 10
    universities named to the large institution honor roll.
    University of Central Oklahoma President Don Betz said the
    results of the survey reflect the spirit of teamwork, communication
    and high morale among Centrals faculty and staff.
    Centrals inclusion on The Chronicle of Higher Educations list
    as a Great College to Work For is a reflection of a university-wide
    commitment to a culture of learning, leading and serving, Betz
    said. Our talented faculty and staff are at the very core of Centrals
    mission to prepare students to become productive, creative, ethical
    and engaged citizens and leaders and so we strive to create a campus
    community where our faculty and staff can thrive.
    Results were determined through a direct survey of faculty and staff
    at universities and colleges throughout the country. This is the sixth
    time in the past seven years the university has been named to the list,
    with past recognition in 2008, 2010, 2011, 2012 and 2013.
    The survey ranked colleges and universities in 12 categories.
    Centrals peer group in the poll included universities and colleges that
    have 10,000 or more students. Central has more than 2,900 full and
    part-time employees and is one of Edmonds largest employers.

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