Health Insurance

Ouch!

October 27, 2011

Today TaxMama hears from Seth in the TaxQuips Forum who is recovering. “I had an accident where I sustained multiple fractures (pelvis, ribs, and wrist). My medical insurance will pay 80% of my bills, which is great. In addition, I have personal accident insurance. There is a dollar amount associated with each type of fracture [...]

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HSA Questions

June 6, 2011

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Today TaxMama hears from Tawfiq in the TaxQuips Forum with questions. “Can I deduct my qualified medical expenses with other itemized deductions if I used HSA funds to pay them? And where can I find health insurance that specifically qualifies as an HSA (Health Savings Arrangement)?

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HSA for S Corp Owner

April 20, 2011

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Today TaxMama hears from Magdalena in the TaxQuips Forum with a puzzler. “I would like to know if I can take the Health Savings Account Deduction on my 1040 if I’m a S-corp owner?”

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The Girl and the Carpenter

February 23, 2011

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Today TaxMama hears from Gabrielle in the TaxQuips Forum, who is trying to help. “My boyfriend is a carpenter and makes about $12,000 annually. He doesn’t have anyone working under him and really only does small jobs. Last time I did his taxes, he owed $1,700 dollars. What forms should I be using? I feel [...]

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Medical Massages

February 3, 2011

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Today TaxMama hears from Angela in the TaxQuips Forum, who wants to do this. “I’m trying to maximize my deductions and this is the first time I’m able to use medical deductions. My husband is unemployed and has high co-pays and COBRA payments. When I was reading the IRS info on what can be deducted, [...]

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TaxMama’s Tax Roundtable – November Session

November 23, 2010

Note: TaxMama’s Tax Roundtable is a monthly live discussion open to all TaxMama Family Members and above, and all TaxMama’s EA Exam and Solving the Tax Puzzle Students. Don’t you wish you were here? REPLAY today’s session below – you can listen and SEE the session and forms It will load slowly…perhaps slowly. But it [...]

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Reporting health coverage cost on W-2 optional next year

October 15, 2010

IRS Releases Draft W-2 Form for 2011; Announces Relief for Employers WASHINGTON — The IRS issued a draft Form W-2 for 2011, which employers use to report wages and employee tax withholding. The IRS also announced that it will defer the new requirement for employers to report the cost of coverage under an employer-sponsored group [...]

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Small Business Jobs Act of 2010

September 24, 2010

New Jobs Act brings tax benefits (9-23-2010) On September 23, the House passed the Small Business Jobs Act of 2010 (H.R. 5297). It is expected to be signed by the President. Among its provisions:

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Tax Cuts for Wage-Earners

August 18, 2010

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Today TaxMama hears from Chris in the TaxQuips Forum, who puts out a challenge to TaxMama. He says, “Tax mama has advice for business owners. But how does an individual get more money on their paychecks?”

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