Category Archives: Health Insurance

Small Business Jobs Act of 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:

Tax Cuts for Wage-Earners

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?”

Ask TaxMama Issue 550 – May Day and Homebuyer Credit Deadline

Dear Family, Well, it’s the end of April. The world somehow survived a volcano and an earthquake that left travelers stranded all over the world. It’s interesting the different ways that tavel companies dealt with it. Yesterday, within seconds of each other, I received two emails. The first was from an executive at British Airways, […]

Small Business Health Care Tax Credit

Courtesy of IRS Health coverage legislation enacted this year includes a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations afford the cost of covering their workers.

Ask TaxMama Issue 547 – Tax Freedom Day

Dear Family, Today is National Tax Freedom Day, according to The Tax Foundation, who tracks such things. This year’s Tax Freedom Day is one day later than in 2009, but more than two weeks earlier than in 2007. Though, since each state has their own tax rate, your tax freedom day may come sooner,…or later. […]

Cancer Policy

Today TaxMama hears from Donna in Texas in the TaxQuips Forum, with a sad question. “One of my clients brought me a 1099-MISC from an insurance company. In box 3, Other Income they have an amount of $50,000.00.  She had taken out an insurance policy for cancer and she got it.  She has never claimed […]

Ask TaxMama Issue 545- Health Care and More

Dear Family, The phones have been ringing all morning. Usually, Friday mornings I get to work quietly to prepare this for you early in the morning (at least here, on the West Coast). Last night and early this morning the wind blew away all the smog. This dawned gloriously in California with the sun gleaming, […]

Prepaid Medical Insurance

Today TaxMama hears from Elaine in the TaxQuips forum, who tells us. “I have a client that is retiring now at age 55. He will receive $185,000 in deferred compensation. The company will withhold $111,000 for lifetime medical insurance for him. Can the whole $111,000 be deducted in the year paid?”

Proof of Nothing

Today TaxMama hears from Maure in California with this dilemma. “I haven’t worked since 2006, and have been exempt from paying taxes. So I have no tax returns. However, for a Hospital’s Medical Assistance Program for my bill, I need to show recent 1040, and/or proof of no/low income. How do I get such documentation […]