The Man Who Ate the Town Podcast Episode 212

The Man Who Ate the Town Podcast Episode 212 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #212 proudly recorded in The Less Desirables Studios in The Lab at Industry Hill: We are now featured on the Triad Podcast Network! Tim and Ray talk about: Ray’s last show. No show next week. Andreas Kazakos passes away. WS Food Truck Festival. Bojangles closes for employee rest. Culver’s opens it’s first triad location. Tim and Stephanie went to Honky Tonk Smokehouse and…

View On WordPress

Friend Friday or: Beans and Beer

Friend Friday or: Beans and Beer

Salutations™!!

Remember when you used to do the #FF on Twitter just a few years back? It stood for Follow Friday or Friend Friday (according to who you asked) and as far as I can tell, no one really does that any longer and whilst I’ll admit I was slack on that on Twitter, I will also say that Twitter isn’t my main social media platform and I just didn’t do it. But, I think it was a good idea and…

View On WordPress

More states now offer health care marketplaces

More than a dozen states now provide marketplace options to health care shoppers. And although the federal enrollment mandate and penalty is gone, some states still require their residents to get coverage or pay a price. Plus, federal tax help remains for some seeking medical insurance on their own.

The annual employee benefits enrollment period, usually referred to as open season, is underway or about to begin across the country.

During these weeks, workers choose from an array of employer-provided and usually tax-favored benefits. I'll be writing more on this shortly.

Some folks, however, don't work for a company that can afford to offer many if any benefits. Or they are self-employed.

So they have to fend for themselves when it comes to one of the most popular perks, medical coverage.

In these cases, they typically turn to HealthCare.gov, the health care marketplace that was created as part of the Affordable Care Act (ACA), still popularly known as Obamacare. Here you can search for coverage that meets your and your family's medical needs and your financial situation.

In preparation for this experience, today's multiple Saturday Shout Outs go to a variety of articles and blog posts that can help folks who must get health care coverage on their own rather than through an employer's offerings.

More states join the marketplace model: The federal health care marketplace enrollment or re-enrollment period is a bit later than most private sector open seasons. It starts Nov. 1 and runs through Dec. 15.

But not everyone heads to the federal online healthcare search tool. Instead, they use the marketplaces created by their states.

Currently 13 states and the District of Columbia have their own marketplaces:

California Minnesota Colorado Nevada Connecticut New Jersey District of Columbia New York Idaho Rhode Island Maryland Vermont Massachusetts Washington

State marketplaces are in the works in Maine, New Mexico, Oregon and Pennsylvania.

The table below from To The Point, the Commonwealth Fund's feature on health care policy and practice, details the key differences between the marketplace models.

The Robert Wood Johnson Foundation cites three primary factors that drive states to switch from the HealthCare.gov platform to a full state based marketplace:

The prospect of costs savings,

An improved consumer experience and

Regaining more autonomy over their insurance markets.

And a couple of states have dropped their own health care coverage efforts.

Kentucky abandoned its state-based marketplace in 2016 after the election of its Republican governor who campaigned against the ACA. Hawaii transitioned to the federally facilitated marketplace in 2016 after a number of technological challenges.

Health care marketplace shopping tips: Before you head on over to HealthCare.gov or, if you live on of the locales listed earlier, to the marketplace in your state, you'll need to do some homework.

HealthCare.gov suggests 5 easy ways to prepare for the 2020 Marketplace open enrollment.

And if it's your first time looking for coverage via the marketplace, definitely check out the checklist (in PDF format) of what information and material you'll need to complete your coverage application.

No federal, but possible state penalties: Also note that if you decide to roll the dice and go without coverage, you won't face any federal tax penalty.

The Tax Cuts and Jobs Act (TCJA) eliminated the federal individual mandate effective Jan. 1. This was the charge collected at tax filing time from individuals who didn't have acceptable minimal health care coverage for the full tax year.

Some states, however, have implemented their own non-coverage penalties.

California, the District of Columbia, Massachusetts, New Jersey, Rhode Island and Vermont have written into law statewide individual mandates. The ACA Times has more on just what charges non-covered individuals (and companies) could face in those jurisdictions.

In most cases, the states' individual penalties mirror the federal individual mandate penalty that was in effect for 2018. That could amount to hundreds of dollars depending upon your family size and amount of time you and/or they didn't have medical insurance.

Policy premium coverage tax help still available: And while the TCJA eliminated the penalty for not buying health care coverage, it left in place the federal tax subsidy, known as premium tax credits (PTC), to help buy policies.

As of early 2019, 87 percent of the more than 10.6 million people who got coverage through the exchanges qualified for this type of subsidy.

PTC amounts are based on a sliding scale. Those who have a lower income get a larger credit to help cover the cost of their insurance.

They also are refundable, meaning if the amount is more than your tax liability, you will receive the difference as a refund. If you owe no tax, you can get the full amount of the credit as a refund.

If you qualify, you can claim your PTC up-front and use it to pay for your marketplace policy. Or you can claim it when you file your return. In either case, you'll have to file Form 8962 when you file your return to claim the credit or reconcile the amount of your advance PTC

Cost sharing help for some: There also are cost-sharing reductions (CSR), also known as cost-sharing subsidies, that can reduce enrollees' out-of-pocket payments. Nearly 5.5 million exchange enrollees had received cost-sharing reductions as of early 2019.

The cost-sharing subsidies are designed to reduce the portion of a claim that an insured individual must pay. Like the premium subsidies, eligibility is based on income.

But premium tax credits apply to all marketplace plans, CSRs are only available on certain plans. Louise Norris has details in her article on ACA cost-sharing subsidies at HealthInsurance.org.

I know that's a lot of homework if you plan to get medical coverage through a marketplace. But with the start of that open season still almost three weeks away, you should have plenty of time to take in all that today's Saturday Shout Out articles have to offer on the subject.

Happy health care shopping and stay healthy!

You also might find these items of interest:

Medical tax provisions affected in 2019 by inflation 

Some DNA test costs are tax deductible. Are smartwatches, other health apps next on IRS-OK list? 

New IRS guidance expands high deductible health plan HSA options for treatment of chronic medical conditions

Advertisements

  // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ // <![CDATA[ (adsbygoogle = window.adsbygoogle || []).push({}); // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]> // ]]>  

Bicycling commuters lose job benefit under new tax law

Bicyclists' fringe commuting benefits were eliminated under the new tax law. Other commuters also could find their workplace transportation perks slashed, too.

Woman on bicycle by Sunny via Flickr CC

It's forecast to be, for the third straight day, near 97 degrees this afternoon in the greater Austin area.

It's also National Bike to Work Day.

That is, shall we say, a pungent combination. Yet another reason I'm glad I work from home!

Biking benefits are ending: Despite the hot Texas summers (and springs and falls), the Austin area is bicycle-crazed. Folks two-wheel it all over the place, undeterred by the hills and heat.

But starting this year, workers who bicycle to work are facing another obstacle.

The Tax Cuts and Jobs Act (TCJA) that took full effect earlier in 2018 eliminated the employer-provided tax-free benefit covering some bike commuting costs.

Granted, it wasn't much, just $20 a month for a potential annual tax-free benefit of $240. Still, it was an acknowledgement that bicycle enthusiasts had long fought for (they won, temporarily it now seems, in 2009) so they would be considered more-or-less equals when it comes to commuting costs.

That's gone.

And actually, the overall commuting benefits situation workers and companies has changed under TCJA provisions for tax years 2018 through 2025.

In addition to doing away with the bicycle benefits, the new tax law also dramatically alters other qualified transportation fringe benefits (QTFBs).

Previous commuter benefits for all: Under prior law, employers could offer employees tax-free commuting benefits of up to $260 per month to cover mass transit passes, parking fees and vanpooling expenses, as well as the $20 monthly maximum for dedicated bicycle commuters.

These benefits were provided to workers via direct payments, reimbursements or salary reduction arrangements to help offset their costs of getting from home to the workplace.

Commuters, however, weren't the only beneficiaries.

In addition to making the commute less expensive for workers, companies received a tax benefit for providing the QTFBs. Businesses could count the worker commuting costs as a business tax deduction.

The TCJA ends that company tax break effective this year and for the next seven tax years.

Most QTFBs allowed, but without tax break: Technically, the new tax law says that employers may still deduct non-bicycle commuting expenses incurred that are necessary to ensure the safety of employees.

This includes such things as paying for workers' late-night job-related transportation and business travel expenses.

However, when it comes to other, day-to-day commuting, businesses no longer get a tax break for helping their workers pay for their commutes.

This has many employees worried that without the corporate tax carrot, employers might choose to do away with all QTFBs altogether.

Keeping benefits at a cost: Companies could opt to increase workers' pay so they can cover the commuting costs themselves. But that will mean the employees will be making more money on which they'll owe taxes.

There's also the possibility that companies where QTFBs are well-established will simply continue to subsidize their employees' — even bicyclers' — commuting expenses, without the federal business tax deduction.

In these cases, the transportation perks could be seen as a worthwhile business expense that allows companies a competitive advantage in this tight labor market. I've worked in an urban area before. I definitely would give the edge to a job offer that included help paying commuting costs.

This year, many employment advisors expect companies to continue providing most transportation benefits as usual as the businesses work through the new tax law's implications and await further guidance from the Internal Revenue Service.

But stay alert and in touch with your employer about the transportation benefits situation. The road to commuting tax breaks could eventually hit a dead end.

With or without tax benefits, I hope your biking to work and elsewhere this National Bike Month and the other 11 is as much fun as PeeWee Herman's ride (thanks Giphy.com!). You can see more entertaining bicycling GIFs and phots at Twitter's #BikeToWorkDay hashtag.

A version of this post with pre-TCJA rules ran last Bike to Work Day, May 19, 2017

You also might find these items of interest:

Electric vehicle tax credits favor the wealthy

17 states now impose some fees on electric autos

Washington State lawmaker says bicycles are bad for the environment

Advertisement

// <![CDATA[ // &lt;![CDATA[ // &amp;lt;![CDATA[ // &amp;amp;lt;![CDATA[ // &amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;lt;![CDATA[ // &amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;lt;![CDATA[ (adsbygoogle = window.adsbygoogle || []).push({}); // ]]&amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;amp;amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;amp;gt; // ]]&amp;amp;amp;amp;gt; // ]]&amp;amp;amp;gt; // ]]&amp;amp;gt; // ]]&amp;gt; // ]]&gt; // ]]>

from Tax News By Christopher http://www.dontmesswithtaxes.com/2018/05/bicycling-commuters-lose-a-company-tax-benefit-under-new-tax-law.html

The Man Who Ate the Town Podcast Episode 199

The Man Who Ate the Town Podcast Episode 199 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #199, proudly recorded in The Less Desirables Studios (South). Zoom sponsored by Bull’s Tavern: We are now featured on the Triad Podcast Network! Tim, Ray talk about: Many restaurants are hiring in WSNC. La Botana opened all week. Gatsby’s is reopening on Wednesday 5/19. Tim talks about The Country Spinner and a Burger Tour ’21 update. “The List” is discussed as well as other food…

View On WordPress

The Man Who Ate the Town Podcast Episode 198

The Man Who Ate the Town Podcast Episode 198 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #198, proudly recorded in The Less Desirables Studios (South). Zoom sponsored by Bull’s Tavern: We are now featured on the Triad Podcast Network! Tim, Ray talk about: Many restaurants are hiring in WSNC. Mizu Japanese Restaurant now closed on Tuesdays. Mama Mia’s Italian Ice moves to a new Clemmons location. Pie Guys is back open after the fire. Murphy’s Lunch. Slappy’s does a good…

View On WordPress

The Man Who Ate the Town Podcast Episode 197

The Man Who Ate the Town Podcast Episode 197 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #197, proudly recorded in The Less Desirables Studios (South). Zoom sponsored by Bull’s Tavern: We are now featured on the Triad Podcast Network! Tim, Ray talk about: Many restaurants are hiring in WSNC. Crumble Cookie coming to WSNC. Curry and Noodle open in Robinhood Village. Tim rants on social media pages and groups. Burger Tour ’21 update. Other local restaurant news. Tim and Lea…

View On WordPress

The Man Who Ate the Town Podcast Episode 196

The Man Who Ate the Town Podcast Episode 196 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #196, proudly recorded in The Less Desirables Studios (South). Zoom sponsored by Bull’s Tavern: We are now featured on the Triad Podcast Network! Tim, Ray talk about: Monterrey Mexican is definitely closed. Joey Correll news. Black Restaurant Week Apr 23-May 2. See a list of WSNC black-owned businesses here. Arigato closed today but reopen tomorrow. Bar Pina is open again. Today is…

View On WordPress

The Man Who Ate the Town Podcast Episode 195

The Man Who Ate the Town Podcast Episode 195 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #195, proudly recorded in The Less Desirables Studios (South). Zoom sponsored by Bull’s Tavern: We are now featured on the Triad Podcast Network! Tim, Ray talk about: Many restaurants are hiring in WSNC. Hong Kong King is indeed shut down. Curry and Noodle is coming soon. The Flour Box is still looking for a new home. CB’s Tavern is opening a sister establishment in old Hill’s BBQ on…

View On WordPress

The Man Who Ate the Town Podcast Episode 194

The Man Who Ate the Town Podcast Episode 194 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

Pfafftown Kitchen In Episode #194, proudly recorded in The Less Desirables Studios (South). Zoom sponsored by Bull’s Tavern: We are now featured on the Triad Podcast Network! Tim, Ray talk about: Scott Burton of Pfafftown Kitchen is on to talk about the new restaurant. Canteen changes business model (for now). Earl’s and Kampai change their hours due to staffing issues. Tim and Stephanie, as…

View On WordPress

The Man Who Ate the Town Podcast Episode 106

The Man Who Ate the Town Podcast Episode 106 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill

In Episode #106, proudly recorded at The Lab at Industry Hill:

Tim and Ray talk about:

Calissa Hooper is in to talk about 5 Sistah’s Delights food truck, the difficulties of finding a commissary, the food and more.

Cugino Forno is now open

Poke Star’s on-going crisis to open

Hoots Satellite to open.

Cole Properties buys Carlisle’s.

Tim gives info about Quiet Pint’s brunch menu

Tim talks about The…

View On WordPress

The Man Who Ate the Town Podcast Episode 224

The Man Who Ate the Town Podcast Episode 224 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

Creator: Liliboas Credit: Getty Images/iStockphoto ©Lisa Thornberg In Episode #224 proudly recorded in The Less Desirables Studios in The Lab at Industry Hill: Tim and Street Team Steven discuss: Street Team Steven co-hosts with Tim today. The perp in the Brothers Pizzeria attack turns himself in. Bossy Beulah’s opens. Antojito Las Delicias closing for vacation at the end of the week. Quanto…

View On WordPress

The Man Who Ate the Town Podcast Episode 223

The Man Who Ate the Town Podcast Episode 223 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #223 proudly recorded in The Less Desirables Studios in The Lab at Industry Hill: Tim discusses: Brothers Pizza changes hours after fight leaves owner beaten. Finnigan’s Wake? DiLisio’s expanded hours. Yamas is doing a fundraiser. Salem Kitchen. Stephanie and Tim tried the new Mariscos Marlin. PSA about gift cards. Tim talks about The Country Spinner and/or a Burger Tour ’21…

View On WordPress

The Man Who Ate the Town Podcast Episode 222

The Man Who Ate the Town Podcast Episode 222 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #222 proudly recorded in The Less Desirables Studios in The Lab at Industry Hill: Tim discusses: Rolando Pettigrew, a local bartender passes away. Cornerstone Cafe and Catering reopens. Goody’s Grill gets IG. Salem Kitchen and Sweet Truth have their holiday offerings on their websites. Penny Path changes hours. Sonya Waddell opens Simply Sonya. Mariscos Marlin finally opens. Tim talks…

View On WordPress

The Man Who Ate the Town Podcast Episode 221

The Man Who Ate the Town Podcast Episode 221 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

In Episode #221 proudly recorded in The Less Desirables Studios in The Lab at Industry Hill: Tim discusses: Rhythm Lounge and Bar is closed and Athena Greek Taverna is closing November 20. Ronnie’s Country Store is closing. A SMALL list of food service places that are doing pre-order pickup items for Thanksgiving. Yamas II is coming. Tim and Stephanie joined The Food Venturist, Paula Leggett,…

View On WordPress

The Man Who Ate the Town Podcast Episode 220

The Man Who Ate the Town Podcast Episode 220 #podernfamily #podcasts #podcast #podcastlife #wsnc #TheManWhoAteTheTown #tldnetwork #industryhill #foodie #wsncfood #wsncfoodie

Lindsay Deibler (left) and Stacey Milner (©Stacey Milner) In Episode #220 proudly recorded in The Less Desirables Studios in The Lab at Industry Hill: We are now featured on the Triad Podcast Network! Tim, Michael discuss: Three local bakers will appear on two different Food Network Competitions this month. The first tonight! Sweet Truth is back taking orders for Thanksgiving. Young Cardinal has…

View On WordPress