Tag Archives: Insurance

Malpractice Settlement

Today TaxMama® hears from Peter in the TaxQuips Forum with this story “I have just settled an attorney malpractice litigation where a small settlement was received. The insurance company wants my Social Security Number, which I feel is not needed. My position is that I am only recovering a fraction of what the attorney was […]

Long Term Care Insurance

Today TaxMama® hears from Connie in the TaxQuips Forum with an excellent question. “I have a long term care insurance policy that I took out last year. This insurance is to cover you if you are put in a nursing home or other type of care facility; it is not long term disability insurance. I […]

What Employers Need to Know About Claiming the Small Business Health Care Tax Credit

If you are a small employer with fewer than 25 full-time equivalent employees that earn an average wage of less than $50,000 a year and you pay at least half of employee health insurance premiums…then there is a tax credit that may put money in your pocket. The Small Business Health Care Tax Credit is […]

Spouse as Employee

Today TaxMama hears from Russel in the TaxQuips Forum who wants clarification. “At the end of the show on KFWB 980 today (10/31) Bob McCormick asked you a question regarding small businesses employing spouses.  I missed the answer.  If a spouse is employed by a sole proprietorship do you have to carry workman’s comp insurance? […]

Ouch!

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 […]

Taxes Affect Insurance Rates

Today TaxMama hears from Frank Darsi, who sent a link to an interesting article. “Five Ways Taxes Affect Your Car Insurance.” Is the article true? Does it make any sense? Well, since the article only contains four points, not five, we’ve got to wonder about the rest of it… First of all, let me wish […]

IRS says Medicare Part B premium deductible as SE health insurance

IRS says Medicare Part B premium deductible as SE health insurance (2-11-11) Unexpectedly, the IRS says the Medicare Part B premiums are deductible for purposes of the self-employed health insurance deduction. This is a reversal of their long-standing position, and it appeared in the instructions to Form 1040 without any other announcement. Spidell confirmed the […]

Mortgage Insurance Deduction

Today TaxMama hears from Christy in the TaxQuips Forum,with this question. “Just wondering if mortgage insurance would be deductible if not included on form 1098 from the lender?  The client purchased the home in 2007 and has a loan balance for 09 of $215,000.00.  It is their only home. He and his family reside in […]

Keeping Medical Bills Down

Recently a friend told me that she is paying more for her share of the company’s health insurance. Several others have had the same complaint. We all through Obama’s Health Care plan would reduce our costs, based on the concept of  ‘economies of scale.“ Well then, the best way to keep our medical costs low is to stay […]