- 527
Hey Buds,
Doing my Tax Returns i noticed that ACA plans are now based on MAGI (a modified gross income amt) and not 'net income' as they were just a couple of years ago.
This means ACA calculates your premium based on 'adjusted gross income'--- PERIOD
In the past it was NET INCOME based, now its GROSS INCOME based.
This is a Big Red Flag for business owners who DEDUCT everything they can to get to a LOWER NET. --- (deductions AND expenses apparently don't matter to ACA).
Doing my Tax Returns i noticed that ACA plans are now based on MAGI (a modified gross income amt) and not 'net income' as they were just a couple of years ago.
This means ACA calculates your premium based on 'adjusted gross income'--- PERIOD
In the past it was NET INCOME based, now its GROSS INCOME based.
This is a Big Red Flag for business owners who DEDUCT everything they can to get to a LOWER NET. --- (deductions AND expenses apparently don't matter to ACA).
- Am i getting this Right ???
- Thoughts /Comments?