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Changes in Circumstances that May Affect Your Premium Tax Credit

If you enrolled in insurance coverage through the Health Insurance Marketplace , you are required to report changes to the Marketplace when they happen, like changes to your household income or family size, because they may affect your eligibility for the advance payments of the premium tax credits.

Changes in circumstances that you should report to the Marketplace include, but are not limited to:

·         an increase or decrease in your income
·         marriage or divorce
·         the birth or adoption of a child
·         starting a job with health insurance
·         gaining or losing your eligibility for other health care coverage
·         changing your residence

“Next Things Now” Buffalo Innovation Video Surpasses 10,000 Views After Debuting At 43north Finals

“Next Things Now” Buffalo Innovation Video Surpasses 10,000 Views After Debuting At 43north Finals

Since its founding more than two centuries ago, Buffalo, N.Y. has been home to innovators and entrepreneurs—and that legacy continues today. 43North—The World’s Largest ($5 million) Business Idea Competition—has teamed up with Buffalo Niagara Enterprise and Paget Films to tell the story of a forward-looking city with a proud past in an inspiring new video.

Titled “Next Things Now” and clocking in at just under five minutes in length, the video highlights dozens of bright moments in Buffalo’s history, ranging from the opening of the Erie Canal to the first successful skin graft to today’s groundbreaking genomic research.

This fast-paced, emotional video is narrated by 25 members of the next generation of Buffalo leaders, innovators and entrepreneurs (see credits below).

Trust Basics

Trust Basics

Whether you're seeking to manage your own assets, control how your assets are distributed after your death, or plan for incapacity, trusts can help you accomplish your estate planning goals. Their power is in their versatility--many types of trusts exist, each designed for a specific purpose. Although trust law is complex and establishing a trust requires the services of an experienced attorney, mastering the basics isn't hard.

What is a trust?

Busy Winter Travel Season Expected to Delay Passport Processing Times

Busy Winter Travel Season Expected to Delay Passport Processing Times


With the busy holiday travel season right around the corner, the U.S. Department of State is encouraging U.S. citizens to apply for or renew their U.S. passports now if making plans for winter travel. The DOS is currently experiencing lower average passport processing times than it will once the winter season arrives. 

Applicants traveling in more than three weeks may apply at a passport acceptance facility, such as a post office, library or a clerk of court. Routine service averages a four- to five-week turnaround, while expedited service averages two to three weeks. Expedited service does require an additional $60 fee. 

Continental 1 is Encouraged by Meyersdale-to-Somerset Route 219 Bids

Continental 1 is Encouraged by Meyersdale-to-Somerset Route 219 Bids
Continental 1, the organization advocating for the completion of a direct 1,500-mile trade corridor from Toronto to Miami utilizing Route 219 in New York, Pennsylvania and Maryland, expressed enthusiasm over reports that the low bid for the highly-anticipated Phase 2 of the Route 219 expansion project between Meyersdale and Somerset came in $15 million less than anticipated. "The Continental 1 organization celebrates every new development that gives momentum to the completion of Route 219,” said Meg Lauerman, Continental 1 executive director. “Obviously, a bid that comes in lower than anticipated from a developer already with a good understanding of the project is very encouraging news. We're looking forward to the next phase of this critical piece of Continental 1 to commence." Joseph B.

How can I manage the net investment income tax?

How can I manage the net investment income tax?

If you are subject to the 3.8% net investment income tax, there are strategies that may help you manage that tax. The tax is applied to the lesser of your net investment income or the amount by which your modified adjusted gross income (MAGI) exceeds the applicable income tax threshold. MAGI is basically adjusted gross income plus any associated foreign earned income exclusion. Any strategy you consider should be directed at the appropriate target.

If your net investment income is greater than your MAGI over the threshold, then your focus should be aimed at reducing your MAGI. Conversely, if your MAGI over the threshold is greater than your net investment income, you should try to reduce your net investment income.

Here are a few strategies that may help you manage the net investment income tax:

Do I have to pay an additional tax on investment income?

You might, depending on a few important factors.

A 3.8% net investment income tax is imposed on the unearned income of high-income individuals. The tax is applied to an amount equal to the lesser of:

  • Your net investment income
  • The amount of your modified adjusted gross income (basically, your adjusted gross income increased by an amount associated with any foreign earned income exclusion) that exceeds $200,000 ($250,000 if married filing a joint federal income tax return, and $125,000 if married filing a separate return)

So if you're single and have a MAGI of $250,000, consisting of $150,000 in earned income and $100,000 in net investment income, the 3.8% tax will only apply to $50,000 of your investment income.