Don’t assume that you’ll be cut off from tax breaks once you’ve retired. You can still do plenty to reduce your annual tax bill.
Alert: If you receive a pension from the Pension Benefit Guaranty Corporation (PBGC) or benefits under the Trade Adjustment Assistance (TAA) programs, you may be eligible for the Health Coverage Tax Credit (HCTC).
The little-known HCTC pays 65 percent of qualified health plan premiums for eligible individuals. You can apply the 65 percent credit either directly to your health plan monthly as premiums become due, or annually on your federal tax return as a refund or credit against taxes owed.
How do you qualify for the HCTC?
Individuals receiving pensions from the PBGC or workers laid off due to foreign trade are potentially eligible for the HCTC. While the HCTC program notifies individuals who are potentially eligible by mail, you can get a head start by answering the following questio...(register to read more)
- How to Fire an Employee the Legal Way: 6 Termination Guidelines
- Small Business Tax Deduction Strategies
- Received just one application for the job? You're not required to hire that person
- N.J. Senate action ushers in paid family leave
- Put extra earnings to work in an IRA
- Employee quits, then emails docs to herself? That's not theft, but may be something more