Tag: health

  • Medical Expenses: What It Takes to Qualify for a Tax Deduction

    Medical Expenses: What It Takes to Qualify for a Tax Deduction

    As we all know, medical services and prescription drugs are expensive. You may be able to deduct some of your expenses on your tax return but the rules make it difficult for many people to qualify. However, with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.…

  • Two Major Tax Law Changes for Individuals in 2019

    Two Major Tax Law Changes for Individuals in 2019

    Medical expense deduction threshold With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that was already difficult for many taxpayers to meet, and it may be even harder to meet this year. The TCJA temporarily…

  • Reduce Insurance Costs by Encouraging Employee Wellness

    Reduce Insurance Costs by Encouraging Employee Wellness

    Protecting your company through the purchase of various forms of insurance is a risk-management necessity. But just because you must buy coverage doesn’t mean you can’t manage the cost of doing so. Obviously, the safer your workplace, the less likely you’ll incur costly claims and high workers’ compensation premiums. There are, however, bigger-picture issues that…

  • Tax-free Fringe Benefits Help Small Businesses and Their Employees

    Tax-free Fringe Benefits Help Small Businesses and Their Employees

    In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance…

  • Manage Costs of Health Benefits with a Multi-pronged Approach

    Manage Costs of Health Benefits with a Multi-pronged Approach

    Many companies offer health care benefits to help ensure employee wellness and compete for better job candidates. And the Affordable Care Act has been using both carrots and sticks (depending on employer size) to encourage businesses to offer health coverage. If you sponsor a health care plan, you know this is no small investment. It…

  • TCJA Temporarily Lowers Medical Expense Deduction Threshold

    TCJA Temporarily Lowers Medical Expense Deduction Threshold

    With rising health care costs, claiming whatever tax breaks related to health care that you can is more important than ever. But there’s a threshold for deducting medical expenses that may be hard to meet. Fortunately, the Tax Cuts and Jobs Act (TCJA) has temporarily reduced the threshold. What expenses are eligible? Medical expenses may…