Today TaxMama® hears from SwampWiz in the TaxQuips Forum, who is frustrated (can you blame him? Please read his detailed rant. Following is simply a summary.) “I had read an official IRS notice that stated that if the individual’s income were to be “higher” than the one that had been proposed for the subsidy, the […]
Category Archives: Healthcare
Courtesy of the IRS If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance premiums that self-employed people often pay for themselves, their spouse and their dependents. The insurance can also cover your child […]
In a Chief Counsel Memorandum (CCM) dated May 1, 2012, released July 13, 2012, IRS addressed the issue of Medicare premiums and the self-employment health insurance deduction. For years IRS has stated in its publications that Medicare premiums do not qualify for the self-employed health insurance deduction. In early 2011 IRS stated in its […]
Today TaxMama® hears from Debra in the TaxQuips Forum with this common issue. “I work part-time as a bookkeeper for various clients after my full-time job. I report this income on Schedule C. My husband is retired and pays for his own individual medical plan, himself. We file as married jointly. Do his insurance premiums […]
(image courtesy of David Souza and www.taxbrackets.org ) Today TaxMama® hears from Anne in the TaxQuips Forum who is confused. “My husband is disabled and is on Medicare. He has a supplemental policy that we are currently paying out of my HSA. It was set up through my employer for only me. I went to the […]
Today TaxMama® hears from Paula in the TaxQuips Forum who is offended. “My employer in California wants me to purchase my own health insurance policy, then have me expense the cost each month. He would give me a 1099 for the additional income at the end of the year. Is this legal?”
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 […]
Courtesy of the IRS [TaxMama note: Goodness. This many tax tip is SO limited. It doesn’t include any information about HSAs, Sec 105 plans for hiring your spouse, or health care credits small employers can get for paying health insurance premiums for their employees.] If you’re self-employed and paying for medical, dental or long-term care […]
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 […]
As Tax Filing Extension Deadlines Near, IRS and HHS Announce New Round of Outreach to Small Businesses and Practitioners About the Small Business Health Care Tax Credit Video: Small Business Health Care Tax Credit-Updated English | Spanish | ASL WASHINGTON — As the upcoming filing extension tax deadlines approach, the Internal Revenue Service, in partnership with the […]
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)?