Portland Insurance & Tax Services

01/18/2026

One of the Most Common Tax Questions Parents Ask

After many years working in tax, one of the questions I hear most often is:

“My child is over 18, attending college full-time, and earning about $12,000 per year.
Should my child file taxes as Independent?”

As both a Tax Consultant and a former College Planner, my answer is very clear:

NO.

⸻

❗ A Common FAFSA Misunderstanding

Many parents believe that if their child files taxes as “independent,” then FAFSA will no longer consider the parents’ income when determining financial aid or student loans.

Unfortunately, that is not how FAFSA works.

FAFSA determines whether a student is independent based on federal rules — not tax filing status.

⸻

FAFSA considers a student independent ONLY if the student:
• Is age 24 or older
• Is married
• Has children they support
• Is in the military
• Has been legally emancipated by a
court

If these conditions are not met, FAFSA will automatically classify the student as a dependent student, regardless of how taxes are filed.

👉 Even if the student files their own tax return, FAFSA will still require the parents’ income information.

⸻

⚠️ Why filing as Independent can actually hurt

When a student does not meet FAFSA independence requirements and has low income, filing as independent often causes more harm than benefit:
• Parents lose eligibility for the American
Opportunity Tax Credit (up to $2,500)
• The student usually has little or no tax
liability, so education credits provide
minimal or no benefit
• FAFSA results remain unchanged,
whether the student is claimed or not

📌 Result:
You lose valuable tax benefits — but financial aid does not increase.

⸻

📄 Should the student still file a tax return?

Yes — absolutely.

Students should still file their own tax return to:
• receive any tax refund
• Income is over the standard deduction

However, they should file their own return as a DEPENDENT student.

⸻

💡 What about retirement accounts?

Good news:

FAFSA does not count student retirement accounts, including:
• Roth IRA
• Traditional IRA
• 401(k), 403(b)
• SEP IRA or SIMPLE IRA

Retirement accounts are not considered assets on the FAFSA application.

If parents are separated or divorced — whose income does FAFSA count?

FAFSA counts the income of the parent who provides the MOST financial support,

NOT the parent who claims the child on taxes.

This rule changed starting with the new FAFSA (2024–2025 and later).

⸻

✨ Understanding the difference between tax rules and financial aid rules can save families thousands of dollars each year.

Wishing everyone a smooth tax season and the maximum refund possible.

Mimi Nguyen
Portland Insurance & Tax Services
12720 SE STARK ST
PORTLAND, OR 97233
(503) 207-5583

01/06/2026

hings You Need to Know Before Filing Taxes for 2025.
As everyone knows, tax year 2025 will have many changes. But not everyone knows how to prepare or what they need.
Today, I will guide everyone on how to get all your tax forms without having to call each company individually. How to check if your employer has included tips on your W-2 or not. Where to find overtime (OT) pay?
At the same time, I’ve attached a checklist of the items you need to bring when filing taxes for individuals and businesses:
1. How to know if you have all your tax documents and where to get them without calling each company?
• Go to www.IRS.GOV and create an account for yourself. If it’s for personal taxes, click “Individual”.
• Once you’re in the account, click on “Information Return Documents.” There you will find all the forms that companies have sent you. Usually, they send one copy to you and one copy to the IRS. It’s best to wait until the end of February for everything to be complete. By doing this, you’ll have all the same forms the IRS has. This greatly reduces your chances of being audited.
1. Soon, when you receive your W-2, please look at Box 14. There should be an item called “Tips & OT Premium.” If you don’t see that item but you’re certain you earned tips or OT, you must immediately ask your employer to correct it. If it’s not listed in Box 14, the tax preparer won’t be able to make the adjustment on your return to reduce your taxes. This is a very important step—please pay close attention!
2. I’ve attached a detailed sheet listing everything you need to bring when filing taxes for businesses and individuals. Due to Facebook’s limitations, I can’t attach a PDF or Excel file. If anyone needs it, please send me a message on Messenger or come to Mimi’s office to pick it up.
Wishing everyone a smooth tax season with lots of refunds!
Mimi Nguyen
(503) 207-5583
12720 SE STARK ST
PORTLAND, OR 97233

11/01/2025

Overview of 2026 ACA Premium Increases
Affordable Care Act (ACA) Marketplace premiums for 2026 are indeed rising sharply, with the median proposed increase across insurers at 18% nationally, and average benchmark silver plan premiums (used to calculate subsidies) jumping 26% overall—30% in states using the federal Healthcare.gov exchange and 17% in state-run exchanges. This marks the largest hike since 2018, when policy uncertainty also drove up costs. However, the “way higher” out-of-pocket premiums many enrollees will face—averaging 114% more annually, or about $1,000 extra per person—stems not just from these base rate increases, but primarily from the expiration of enhanced premium tax credits (PTCs) at the end of 2025, combined with broader healthcare cost pressures. Open enrollment for 2026 began on November 1, so shoppers are already seeing these changes reflected on Healthcare.gov and state platforms.
Primary Reasons for the Increases
Insurers’ rate filings to state regulators highlight a mix of economic, policy, and market factors. Here’s a breakdown:
1. Expiration of Enhanced Premium Tax Credits (Subsidies)�These temporary boosts, enacted during the COVID-19 pandemic via the American Rescue Plan Act (2021) and extended through 2025 by the Inflation Reduction Act, made coverage more affordable by capping premiums at 0% of income for low earners (up to 150% of the federal poverty level, or FPL) and 8.5% for others up to 400% FPL ($62,600 for an individual or $128,600 for a family of four in 2025). Without extension—currently stalled amid a federal government shutdown and partisan debates—subsidies revert to pre-2021 levels.
• Impact: About 22 million subsidized enrollees (out of 24 million total ACA users) could see premiums more than double. For example, a family of four earning $85,000 (402% FPL) might pay $22,600 more annually, rising from 8.5% to 25% of their income. Low-income folks (e.g., earning $20,000) could go from $0 to $420 yearly.
• Why It Drives Base Rates Up Too: Insurers expect healthier, lower-cost enrollees to drop coverage due to sticker shock, leaving a sicker, more expensive risk pool. This “adverse selection” adds about 4 percentage points to the 26% average increase, per KFF analysis.
• Context: Extension talks are tied to shutdown negotiations, with Democrats pushing for renewal and Republicans resisting amid broader budget fights.
2. Rising Healthcare Costs and Utilization�General inflation in medical services is a top driver, cited in filings from nearly all 312 insurers across 50 states and D.C.
• Key Contributors:
• Hospital and Provider Costs: Up 6-8% annually due to labor shortages, supply chain issues, and higher reimbursement rates.
• Pharmaceuticals, Especially GLP-1 Drugs: Drugs like Ozempic (for diabetes/weight loss) are booming in use, with costs projected to rise 20-30% per enrollee in some markets. Some insurers are excluding weight-loss coverage to offset this.
• Utilization Trends: Post-pandemic “pent-up demand” for delayed care, plus an aging ACA population, means more claims.
• Impact: This alone accounts for 10-15% of the median 18% proposed hike, before subsidy effects.
3. Policy and Market Uncertainty
• Trump-Era Rule Changes: A 2025 final rule altered PTC calculations, requiring enrollees to contribute a higher share of income toward premiums (e.g., up to 9.02% for higher earners), exacerbating subsidy cliffs.
• Tariffs and Trade Tensions: Proposed tariffs on imports could inflate prices for drugs, medical devices, and supplies by 5-10%, per insurer warnings.
• Market Instability: Enrollment volatility (e.g., healthier groups shifting to self-insured plans) and insurer exits in some counties (e.g., Idaho, Nevada) reduce competition, pushing rates higher. In North Carolina, approved increases range 12-36%; in Mississippi, 43%.
How This Affects Different People
• Low-Income (Under 150% FPL): Still eligible for $0-premium plans under standard subsidies, but some states’ higher base rates could erode this.
• Middle-Income (150-400% FPL): Sharpest hits—e.g., a 45-year-old earning $28,000 jumps from $27/month to $130+.
• Higher-Income (Over 400% FPL): Lose subsidies entirely, facing full 26%+ hikes (e.g., $1,900/month for a couple).
• Overall: KFF projects 4.2 million more uninsured over the next decade if subsidies lapse, though most (80%) qualify for some help.

What You Can Do
Shop during open enrollment (now through January 15 in most states) to compare plans—many will still be affordable with standard subsidies. Contact a navigator or the insurance agents if you need help with the application.

Welcome to the Health Insurance Marketplace®. Official government website.

10/11/2024

Medicare đang có chương trình cho các bác (65 tuổi trở lên) bị bệnh về tim mạch, tiểu đường được $149/tháng phiếu mua thực phẩm (không phải foodstamp). Nếu cần biết thêm thông tin hãy liên lạc với Mimi 5032075583.

10/08/2024

Mùa medicare (bảo hiểm cho người 65 tuổi trở lên) sẽ bắt đầu 10/15. Năm nay có rất nhiều luật bảo hiểm và phúc lợi thay đổi. Có nhiều bảo hiểm sẽ bị cắt benefits rất nhiều. Nếu các bác hay bạn nào có ba mẹ trên 65 tuổi cần review lại bảo hiểm hoặc muốn có $3000 tiền bảo hiểm răng và nhiều phúc lợi khác thì hãy gọi cho chúng tôi để được giúp đỡ.

Portland Insurance & Tax Services
12720 SE Stark St
Portland, OR 97233
(503) 207-5583.

02/20/2023

😂🤣

10/27/2022

Medicare & Obamacare season is here. Please contact us to find out how you can save hundreds per month on premium for health insurance or reduce that 20% co-insurance.
Medicare recipients may qualify for Dental, Vision, Gym Membership at no cost.
Deadline for Medicare is December 07 & Obamacare is December 15th.
Please call (503) 207-5583 to make appointment.

12/21/2020

Tin vui nửa nè. Quà Giáng Sinh của TT Trump cho mọi người.

$300/ tuần cho người thất nghiệp
$600 cho hầu hết mỗi người Mỹ income dưới 75K . Tiền gởi trực tiếp đến ngân hàng của quí vị
~~~~~~~~~~~~~~
McConnell cho biết Quốc hội đã đạt được thỏa thuận về Dự luật cứu trợ COVID-19.

Lãnh đạo Đa số Thượng viện ông Mitch McConnell cho biết Quốc hội đã đạt được thỏa thuận về dự luật cứu trợ COVID-19 trị giá 900 tỷ USD.

"Khi người dân Mỹ tiếp tục chiến đấu với vi rút coronavirus trong mùa lễ này, họ sẽ không phải ở một mình", McConnell đã tweet vào đầu buổi tối Chủ nhật. "Quốc hội vừa đạt được thỏa thuận. Chúng tôi sẽ thông qua một gói giải cứu khác càng sớm càng tốt. Nhiều trợ giúp hơn đang được tiến hành."

Các thượng nghị sĩ đã đạt được một thỏa hiệp vào cuối đêm thứ Bảy trong cuộc chiến vào phút cuối về quyền cho vay khẩn cấp của Cục Dự trữ Liên bang.

Dự luật sẽ bao gồm khoản tiền thưởng 300 đô la mỗi tuần cho trợ cấp thất nghiệp và 600 đô la thanh toán trực tiếp cho hầu hết người Mỹ.

Nó cũng bao gồm hàng chục tỷ đô la để trả cho việc phân phối vắc xin, giúp các trường học mở cửa trở lại và cứu trợ các hệ thống vận chuyển đang gặp khó khăn và Dịch vụ Bưu điện.

Lãnh đạo phe thiểu số Thượng viện Chuck Schumer, đảng viên Đảng Dân chủ hàng đầu của Hạ viện, cho biết trong một bài phát biểu tại Thượng viện hôm Chủ nhật rằng "trừ một sai sót lớn", Quốc hội sẽ bỏ phiếu "sớm nhất là vào tối nay."

Ông nói: “Chúng tôi đã vượt qua được rào cản lớn nhất cuối cùng và một cái kết đang ở trong tầm mắt. "Hãy cùng nhau hoàn thành công việc vì lợi ích của người dân Mỹ."

Đạo luật COVID-19 đã được giữ vững trong nhiều tháng rối loạn, trì hoãn và thiếu niềm tin. Nhưng các cuộc đàm phán đã trở nên nghiêm trọng vào tuần trước khi các nhà lập pháp của cả hai bên cuối cùng đã phải đối mặt với thời hạn hành động trước khi rời Washington nghỉ lễ vào dịp Giáng sinh.

Nếu được thông qua, dự luật sẽ là phản ứng lập pháp quan trọng đầu tiên đối với đại dịch kể từ khi Đạo luật CARES trị giá 1,8 nghìn tỷ USD được thông qua hầu như không được nhất trí.

Biện pháp này đang được bổ sung vào hóa đơn chi tiêu 1,4 nghìn tỷ đô la và kết hợp với nhiều công việc chưa hoàn thành khác, bao gồm cả luật bị đình trệ trước đây để gia hạn giảm thuế, cho phép các dự án cấp nước và giải quyết vấn đề bất ngờ về hóa đơn y tế cao ngất ngưởng đối với ngoại mạng thủ tục

https://www.newsmax.com/t/newsmax/article/1002424/16

Dịch chuyển ngữ Mylinh Hughes 🇺🇸🇺🇸🇺🇸

Senate Majority Leader Mitch McConnell says Congress has reached an agreement on a $900 billion COVID-19 relief bill. "As the American people continue battling the coronavirus this holiday season, they will not be on their own," McConnell tweeted early Sunday evening. "Congress has just reached an ....

10/24/2020

Medicare & Obamacare open enrollment has started! Please call us today for assistance, and learn how you can saved on premium, copays, and deductibles. Also we can help you gain extra benefits such as vision, dental, gymn membership...etc.
(503) 207-5583

Deadline for Medicare is December 07 & Obamacare is December 15th.

10/26/2019

Medicare & Obamacare season is here. Please contact us to find out how you can save hundreds per month on premium for health insurance or reduce that 20% co-insurance for Medicare.
Medicare recipients may qualify for Dental, Vision, Gym Membership at no cost.
Deadline for Medicare is December 07 & Obamacare is December 15th.

Mùa Obamacare và Medicare đã đến. Quý vị có thể gọi chúng tôi để được tiết kiệm tối đa cho bảo hiểm y tế và giảm khoản co-insurance 20% của Medicare.

Please call to make appointment (503) 998 - 1458.

Quý vị nào hiện đang có Medicare hoặc
đã 65 tuổi trở lên có thể hội đủ điều kiện để được bảo hiểm răng, mắt, tập gym mà không phải đóng thêm lệ phí hàng tháng.

Thời hạn chót để nghi danh cho Medicare la 12/07 và 12/15 cho Obamacare.

Xin gọi cho Mimi để làm hẹn trước khi đến (503) 998 - 1458.