As you can probably tell from the many blogs I have written, I support healthcare reform, even though I’ve had to struggle with how much it was changed from its original intent. However, although I support it—and I’m delighted that 38 million more Americans eventually will be covered by health insurance—unless you or a family member happens to be among the uninsured, health insurance reform will add very little to your wallet.
Nonetheless, there are a couple of things:
- Effective March 30, 2010, the new law extends employer-sponsored family health plan coverage to adult children who haven’t reached age 27 by the end of the tax year. And that will save these children—or more likely, their parents–a sizeable chunk of change.
- If you are an adoptive parent or are thinking of becoming one, health reform legislation increases the adoption tax credit by $1,000. The adoption assistance exclusion also increases by $1,000. Moreover, this provision is effective for tax years beginning after December 31, 2009 (made refundable) and extended through 2011.
I forgot to mention in my last few blogs that if you like tanning beds, you’ll pay one more tax: The new law imposes a 10% excise tax on indoor tanning salons. The tax, which must be paid by the person on whom the services are performed, will be collected and remitted by the tanning salon. This law goes into effect July 1, 2010.
So now I’ve covered the impact the new legislation will have on your taxes, one way or the other. However, if you are a nurse (and who else would read this blog?), be aware that healthcare reform will offer you a boatload of opportunities. I’ll explore these in forthcoming blogs, which will be much more fun than talking about taxes.