The American Opportunity Credit is worth up to $2,500 per eligible student per year. It is a partially refundable credit, meaning that if the credit exceeds the amount of taxes owed, 40% of the remaining amount can be refunded to the taxpayer. The credit is also available for four years of post-secondary education, so long as the student is enrolled at least half-time.

The American Opportunity Credit is a great way to help students and their families pay for college. It can help reduce the cost of tuition, fees, books, and other related expenses. It is also a partially refundable credit, meaning that if the credit exceeds the amount of taxes owed, 40% of the remaining amount can be refunded to the taxpayer. This can be a great way to help offset the cost of college and make it more affordable.

The post American opportunity credit Breakdown first appeared on Palmer Insurance.

We are not only here for new clients but if you need service on your current policy we will be happy to help. Just let us know if you need any further info regarding any of this. have a great day!

The post Open Enrollment Starts Nov 1st! first appeared on Palmer Insurance.

Now here is the more important aspect of all of this. whether you want to believe it or not Obamacare as it currently stands is crumbling
under it’s own weight in most states. The acceptance of anyone, and companies not being able to underwrite for prior conditions is
leading to billions of dollars in claims. The way that insurance works in the most simplest terms is the healthy pay for the sick.
By not incentivizing enough of the healthy to be insured only the sick enroll and these companies are losing millions and in the case
of some, billions of dollars.

Leaning right or left in this situation does not matter. Whether you like the president or not does not matter. The only thing that
matters is that if something is not done the current system will fail. Believe it or not, that is your choice but numbers don’t lie
and this outcome is inevitable.

Is trumps plan the answer to the failing system? I don’t know, my personal opinion is no, but at the very least it does start a
dialog.

What do you think? It would be nice for once to have a non political conversation a real problem facing this country.

The post Will the AHCA Pass? first appeared on Palmer Insurance.

1: Tax season does not start until the 23rd of January. Although we are processing taxes now, the IRS does not open there doors until the 23rd and that is when the first batch will be submitted.

2: Do you qualify for EIC (earned income credit) or the additional child tax credit? The IRS is not releasing refunds that have these added credits until February 15th so you will see delays if you file in the firs few days of the season.

3: Did you have health insurance last year? This is one of the most important questions asked on your tax return this year as the penalties for the Affordable Care Act (Obamacare) are higher then they have ever been. here it is “The penalty is $695 per adult and $347.50 per child (up to $2,085 for a family) or 2.5 of the family income, whichever is greater.” So there’s that.

These are just a few of the changes that take affect this year along with a slew of other minor adjustments. So if you need some advise and are looking for competent, educated, and experienced tax preparers please give us a call. We are here 7 days a week and can help with any tax issue you may have.

See you here at Palmer

Michael

The post It’s Tax Time! first appeared on Palmer Insurance.

#1 Renewals: If you are not looking to make any changes or adjustment to your plan then you are in luck! you do not need to do anything other than just continue to pay your premium and all will move forward as normal.

#2 Increase in Price: If you are enrolled in Covered California by now you should have received a letter breaking down your new monthly premium. If you feel that this price is now unaffordable please contact us and we can break down what you options are. We can at times adjust company or plan to get the price down to what you would like to pay. Also read my previous blog on the up rates for some explanation on how you may be affected.

#3 Changes: Life tends to change from year to year and these changes in income and family size need to be properly reported. These changes can lead to changes in price so it is extremely important that the information that is reported Is accurate and up to date. if not you could be over paying or get hit with a huge penalty at the end of the year.

#4 New enrollment: There have been some hiccups with the open enrollment (totally expected). so if you are looking to sign up contact us and we will me more than happy to help you navigate through the confusion and get you properly insured.

At Palmer Insurance we are always here to help with any insurance issue you may have so weather it is Covered California, Auto, Home, or commercial insurance we are always here to help. Just click or call for a FREE QUOTE today!

The post Open Enrollment Has Begun!! first appeared on Palmer Insurance.

There has been lots of news lately about the Rate Increase taking place in 2017 with regards to Covered California (Obamacare). Unfortunately, these uprates are going to hit consumers harder than many are expecting. Covered California has announced an average of 14% increase to rates next year, but what many don’t realize is this increase could double your out of pocket premium. Let me explain.

(This is a Fictional example and John is not a real person)

Let’s say John has a Covered California policy that covers his family of 4. He pays $200 in out of pocket premiums per month. Although the entire premium of the Policy is $1000 per month, John is receiving an $800 monthly subsidy from Covered California. If his policy goes up the 14% as reported in 2017, his overall premium will now be $1140 per month. There is a possibility his subsidy is going to stay the same at $800 per month, and it will fall on John to cover the ENTIRE UPRATE. Due to this 14% increase, His out of pocket monthly premium will now be $340 a 70% increase.

So even though Covered California is claiming one thing, in all actuality this increase will affect the insured much more severely than is being advertized.

As always, Palmer Insurance & Income Tax is here to help guide you through the murky waters that is Covered California. With updates to income and a reevaluation of coverage often times we are able to keep your premium Similar to what you have been previously paying. Give us a call or click “contact us” above with any questions or comments you may have.

Michael Palmer

The post How the Covered California Rate Increase May Affect You first appeared on Palmer Insurance.