Just met with my tax guy over the weekend. I asked him about the inclusion of insurance as part of you reported income. Gues what, he showed the clause to me in writing in the federal tax change for 2010 book. Its a fact, for 2010 taxes, comapny provided insurance will be taxed as income. He said there are several issues that still arn't finialized, he has a IRS school to attend later in the year to address these issues. Sounds like they are expecting some changes. I have differing opinions on this subject as I pay for my insurance and the insurance for my children out of pocket. Its the biggest single payment out of my pocket each month, it excededs my house payment by a large margin. Luckily, my wifes company pays for her insurance, if they didn't, my premiums would double just to include here. Its great that company's provide insurance, but i see it as a way for compensating without taxes. We all complain about the big wheel execitives getting all those percs and compensations that aren't taxed. kinda falls in the same catagory to me. Regarless of what comes out of this, we are preparing to pay more taxes for 2010. I'd rather be proven wrong and get money back than be right and pay more.
BTW, the biggest issue surounding the new tax lay that got my attention was when I made the comment that I couldn't believe the unions would vote in someone who taxed their benefits, he replyed "Some Unions benefits are exempt" he didn't tell me which ones, but I'm guessing UAW leads the way
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02-07-2011, 07:37 AM
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