Julie Younglove's blog

The ‘Trump Effect’ on Your Obamacare Coverage

With our newly elected president threatening repeal of Obamacare, should you worry that your health insurance could go up in smoke?

November 12, 2016

Donald Trump will be our next president. What exactly does that mean for your health insurance coverage and access to healthcare? It’s a question that has drawn speculation from health policy wonks since the day after Trump’s election – but I’ve also been receiving many of these questions from clients who are curious about whether their coverage will change any time soon.

In truth, nobody can say for sure at this point, since there are still so many moving parts to the law. But we have some educated guesses, based on Trump’s positions and the actions Congress has taken over the last six years with regards to Obamacare.

Here are the best answers we have at the moment for some questions you might have, along with more details about what you can expect in the coming months and years:

Do you still need to buy ACA-compliant coverage?

Q: If Obamacare is going to be repealed, do I need to buy ACA-compliant coverage now?

The Ins and Outs of the Child and Dependent Care Tax Credit

If you are paying someone to take care of your children or another person in your household while you work, you might be eligible for the child and dependent care credit. This credit "gives back" a portion of the money you spend on care, and can reduce your tax bill by hundreds or even thousands of dollars. 

The child and dependent care credit is a tax break specifically for working people, says Matt Becker, a financial planner and founder of Mom and Dad Money. "Child care is expensive, and the cost gives many parents pause about whether it's worth returning to the workforce," Becker says. "But the child and dependent care credit can make it a little easier for parents to keep working without putting too much stress on their budget."

9 Things You Didn't Know Were Tax Deductions

Few realizations are more painful to a taxpayer who's just filed a tax return than realizing that you forgot to include a deduction that would have lowered your tax bill or increased your tax refund. In the rush to get your tax return completed by the deadline, it's all too easy to miss avenues that might lower your taxable income. Here are some of the deductions that many overlook.

1. Sales Taxes

You have the option of deducting sales taxes or state taxes off your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver. Even if you paid state taxes, the sales tax break might be a better deal if you made a big purchase like an engagement ring or a car. You have to itemize to take the deduction, but the IRS provides tables to use as a guide.

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