Monthly Archives: February 2024

Navigating Cost-Sharing Reduction and Premium Tax Credits

What is Cost-Sharing Reduction (CSR)? Cost-sharing reductions are discounts designed to alleviate the financial burden on individuals and households with incomes between 100% and 250% of the federal poverty level (FPL). These reductions apply exclusively to health plans in the Silver category, offering lower deductibles, copayments, and coinsurance. To check eligibility, applicants must fill out […]

Navigating Tax Season: Understanding the Support Test for Dependents

As tax season approaches, one crucial aspect that often leaves individuals puzzled is the support test. This test serves as a determining factor when deciding whether you can claim someone as a dependent on your tax return. Whether they fall under the category of a qualifying child or a qualifying relative, the support test requires […]

Navigating Charitable Contributions

In a world where acts of kindness can shape the future, charitable contributions stand as a beacon of hope. Whether supporting religious organizations, educational institutions, or those working to prevent cruelty, the impact of philanthropy is profound. This blog post seeks to explore the nuances of charitable contributions, including examples of qualified and nonqualified organizations, […]