December 9, 2013 |
December is time to look over your personal finances with an eye to how tax rules in the current and new year will affect your pocketbook. For example, keep an eye on health care. Investopedia describes some tax advantages and disadvantages of the Affordable Care Act. It's a mixed bag next year, according to a post by Jean Folger. "Many people will be eligible for a new kind of tax credit, and if you are required to have health insurance and you don't have coverage, you will have to pay a penalty fee on your 2014 tax return," writes Folger.
December 6, 2013 |
HARRISBURG Philadelphia developer Nolen Properties has plowed millions of dollars into restoring two historic but long-neglected properties in Mount Airy. Today the firm is almost done converting one, the historic Nugent Home, built for retired Baptist ministers, into affordable housing for senior citizens - a project budgeted at $17 million. The company had hoped to take advantage of a new state historic preservation tax credit to get a small measure of financial relief, maybe as much as $500,000.
November 25, 2013 |
Boardwalk Empire , the hit HBO series about Prohibition-era Atlantic City, was filmed not at the Jersey Shore, but on a boardwalk built in Brooklyn. Silver Linings Playbook , the Oscar-winning feature film adapted from a book set in South Jersey, was shot over the river in Philadelphia. Though Silver Linings director David O. Russell and actor Bradley Cooper - a Philadelphia native - had wanted to film in Philadelphia, "certainly things set in Jersey would tend not to go there right now," said the film's coproducer, Mark Kamine.
November 15, 2013 |
Dozens of temporary tax provisions are scheduled to expire at the end of 2013 - for individuals, businesses, the charitable sector, energy, community assistance, and disaster relief - and the IRS has already announced that the tax-filing season in 2014 will be delayed by one to two weeks. Among individual provisions scheduled to expire Dec. 31 are deductions for teachers' out-of-pocket expenses, state and local general sales taxes, qualified tuition, and mortgage insurance premiums. On the business side, under current law, the R&D (research and development)
October 3, 2013 |
Aetna Inc.'s rates for Southeastern Pennsylvania on the new federal health-insurance exchange - which stumbled into life Tuesday, tripped up by a too-high volume of potential customers in the early going - are higher across the board than those offered by Independence Blue Cross. Experts cautioned that consumers must assess the details when comparing health-insurance plans and that the size of the hospital and physician network, the level of co-pays for a doctor's visit, and other factors can have a significant impact on monthly premiums.
October 2, 2013 |
Tax law has changed as a result of the Affordable Care Act - Obamacare - and you may either receive a tax refund or pay a penalty as a result. As of Oct. 1, uninsured individuals can start shopping for health insurance through online marketplaces, also called exchanges. If you have employer-sponsored insurance, an individual plan, and Medicaid or Medicare, you do not need to purchase anything. If you don't have insurance and instead purchase through a state marketplace, you may qualify for a tax credit.
September 26, 2013 |
Federal officials on Tuesday shared the most detailed information yet on rates consumers can expect to see when the Affordable Care Act's health insurance exchanges go live next week. The average monthly premium for the lowest-cost "bronze" individual plans will be $229 in Pennsylvania (among the lowest in the nation) and $333 in New Jersey (among the highest), according to the U.S. Department of Health and Human Services. Tax credits that are expected to apply to most purchasers would substantially lower rates in both states.
July 7, 2013 |
If tax credits that helped bring Batman and Jack Reacher to Pennsylvania breathed life into the state's film industry, a similar measure included in the new 2013-14 budget could save the day for early-stage tech investments. The Innovate in PA Tax Credit was officially signed into the tax code Sunday and will be activated once the 2013-14 budget makes it through all the necessary channels. The credit boosts funding to Ben Franklin Technology Partners, the state-sponsored initiative that funds regional technology accelerators.
June 26, 2013
THE IMAGE of zombies strolling along South Street, running up the "Rocky" steps and perhaps grabbing a cheesesteak is one that seems appealing for Philadelphia tourism, but current tax-credit policies prevented that boom. The article "Why no zombies in Philly?" raised some interesting points. Increasing tourism for Philadelphia would, in fact, spur further economic growth. Unemployment fell 0.5 percentage points from March 2012 to March 2013 in Philadelphia County, but increasing tourism would have the effect of strengthening hospitality and service-based industries and leading to possible job creation in an area where Pennsylvania needs it most.
June 21, 2013 |
What's the price tag for a job? State and local governments spent an average of $456,000 per job, or $64 billion, to create and retain jobs and businesses in "megadeals" worth $75 million or more, a Washington-based advocacy group said Wednesday. "That's a long payback period before the state would get that much revenue," said Good Jobs First president Greg LeRoy. Pennsylvania and New Jersey rank high among states awarding "megadeals," according to the group, which has tracked 240 deals nationally since 1976.