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 […]
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 […]
Today TaxMama® hears from Ann in the TaxQuips Forum, who has a very enthusiastic staff. To make a long story short: “Ann just converted her 25-year business to an S Corp. Her staff did the research and found a terrific health insurance policy. They want Ann to set up a flexible spending account so they […]
Today TaxMama® hears from Kim in the TaxQuips Forum with a sensible question. “I need to lower the taxes I will owe for 2012. In 2011, I owe $1,500 to IRS. I will probably take the standard deduction. Would it be best to have extra federal taxes taken out of my paycheck?”
Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits.
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)?
Did you know that you may be able to deduct some of your job search expenses on your tax return? Many taxpayers spend time during the summer months updating their résumé and attending career fairs. If you are searching for a job this summer, you may be able to deduct some of your expenses on […]
IR-2010-53, April 27, 2010 WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service announced today that these changes immediately allow employers with […]