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www.healthcitysun.com
August 30, 2013
New Mexico’s Legal & Financial Weekly
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B-47 Stratojet Arrives at the National Museum of Nuclear Science History
Vol. 3.84 No. 35
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The Health City Sun 2012
How The Affordable Care Act Affects Your Tax Return
T
he National Museum of Nuclear Science & History received the fuselage, wings and engines of an iconic Boeing B-47 Stratojet aircraft, August 26, 2013. The transport trailer with the fuselage arrived at the Museum at 2 p.m.
The Boeing B-47 is the first new aircraft the Museum has acquired in over 20 years, and the Museum is actively raising money to complete the full exhibit, which will include reassembly of this historic airplane. This extremely intensive move, requiring much planning and many permits for such an overwhelming load, will bring the final parts of the airplane to the Museum in preparation for reassembly and permanent display. “Airplanes are such an impressive representation of our past, and we are so proud to present such an iconic piece of history for the public to enjoy,” said Jim Walther, Director of the Museum. “The B-47 Stratojet represents the country’s first asymmetrical nacelle engine bomber. This is so very important because every large commercial jet aircraft today is a descendant of the Boeing B-47.” The Museum is receiving the B-47 as a permanent loan from the Air Force Museum. Worldwide Aircraft Recovery Ltd., who drew crowds when they moved planes for the Museum in late 2008 and early 2009, will be transporting this behemoth from Wright-Patterson Air Force Base, concluding a year and a half of planning and preparation of obtaining the aircraft in its entirety. At 107 ft long, with a wing span of 116 ft, the Boeing B-47 was the country’s first swept-wing, multiengine bomber. It represented a milestone in aviation history and a revolution in aircraft design. This particular B-47 was utilized as a test bed aircraft for the design, development, installation and flight test evaluation of a single axis, “fly-by-wire,” primary flight control system. This flight control system concept represented the first basic change in flight control system design since the early days of aircraft. Plans for re-assembly of this B-47 are still in the works, as the Museum hopes to meet its goal of $120,000 to finalize the process of dis-assembly, transport and re-assembly of the aircraft. Completion of this outdoor exhibit for visitor viewing will possibly take place this coming fall. The National Museum of Nuclear Science & History is located at 601 Eubank SE in Albuquerque, New Mexico. Formerly the National Atomic Museum, which opened in 1969 and was chartered by Congress in 1991, the Museum serves as a repository and steward of nuclear-related historical items and is a Smithsonian affiliate. The Museum is open 9 a.m. to 5 p.m. 361 days a year. The Museum’s website is www.nuclearmuseum.org and the phone number is 505-245-2137. - ItsATrip.org
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n addition to significant health insurance changes, the Patient Protection and Affordable Care Act of 2010 included tax law changes. Several of those changes will impact 2013 federal tax returns, due April 15, 2014. “Online tax preparation solutions like TaxACT will cover all the tax implications of the Affordable Care Act plus hundreds of other tax law changes,” said TaxACT spokesperson Jessi Dolmage. “All you have to do is answer simple questions. The program does the math and completes the tax forms for you.” The tax law changes in the health care act, also known as “Obamacare,” for 2013 returns include: • Reporting health insurance premiums, flexible spending beyond payroll deductions and other premiums paid by employees and their employers. “Simply enter the amount in Box 12 with Code DD on your Form W-2 when prompted by the tax program,” said Dolmage. “You’re providing information only; it won’t change your taxable income.” • Higher threshold for deducting medical expenses. The threshold for itemizing medical expenses increases to 10 percent of your adjusted gross income (AGI). The threshold for taxpayers age 65 and older remains at 7.5 percent. Tax software will calculate the deduction based on medical expenses entered.
• 3.8 percent tax on net investment income. Individuals and heads of household with an AGI of $200,000+, married couples filing separately with an AGI of $125,000+, and couples filing jointly with an AGI of $250,000+ must pay the tax. Answer a few questions about investment income and your tax program will do the rest. • Additional 0.9 percent Medicare tax on wages and compensation in excess of $200,000. Taxpayers in those same AGI ranges are subject to the additional Medicare tax. It’s automatically withheld from employee wages, with the total amount provided in Box 6 of Form W-2. The tax is calculated for business owners or self-employed using figures on Schedule SE. “Affordable Care” continued on Page 7