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Tag Archive for Chuck Woodson

Day Care Providers Enjoy Special Tax Benefits

Chuck Woodson, daycare, self-employed, tax benefits, tax help,tax deductions

A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and the cost of providing meals and snacks to children in their care. The following is a rundown on deductible business expenses for home day care providers.  Read more

Hardship Exemption Rules For Not Having Health Insurance Eased

Chuck Woodson, tax penalties, Healthcare, The Tax Cuts and Jobs Act, tax reform

The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as “hardship” exemptions. However, the hardship relief from the penalty required pre-approval from the government health insurance marketplace, which required the applicant to provide documentary evidence of the hardship. Once approved, the applicant was issued an exemption certificate number (ECN) that needed to be included on the individual’s tax return to avoid the penalty.  Read more