Tag: medical

  • Seniors May Be Able to Write Off Medicare Premiums on Their Tax Returns

    Seniors May Be Able to Write Off Medicare Premiums on Their Tax Returns

    Are you age 65 and older, and do you have basic Medicare insurance? You may need to pay additional premiums to get the level of coverage you want. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But there may be a bright side: You may…

  • Latest on COVID-19-Related Deadline Extensions for Health Care Benefits

    Latest on COVID-19-Related Deadline Extensions for Health Care Benefits

    The U.S. Department of Labor (DOL) recently issued EBSA Disaster Relief Notice 2021-01, which is of interest to employers. It clarifies the duration of certain COVID-19-related deadline extensions that apply to health care benefits plans. Extensions to continue The DOL and IRS issued guidance last year specifying that the COVID-19 outbreak period — defined as…

  • Reasons Why Married Couples Might Want to File Separate Tax Returns

    Reasons Why Married Couples Might Want to File Separate Tax Returns

    Married couples often wonder whether they should file joint or separate tax returns. The answer depends on your individual tax situation. It generally depends on which filing status results in the lowest tax. But keep in mind that, if you and your spouse file a joint return, each of you is “jointly and severally” liable…

  • 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.…

  • Should Your Health Care Plan Be More Future-Focused?

    Should Your Health Care Plan Be More Future-Focused?

    The pace of health care cost inflation has remained moderate over the past year or so, and employers are trying to keep it that way. In response, many businesses aren’t seeking immediate cost-cutting measures or asking employees to shoulder more of the burden. Rather, they’re looking to “future-focused” health care plan features to encourage healthful…

  • Seniors: Medicare Premiums Could Lower Your Tax Bill

    Seniors: Medicare Premiums Could Lower Your Tax Bill

    Americans who are 65 and older qualify for basic Medicare insurance, and they may need to pay additional premiums to get the level of coverage they desire. The premiums can be expensive, especially if you’re married and both you and your spouse are paying them. But one aspect of paying premiums might be positive: If…

  • 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…

  • Could “Bunching” Medical Expenses into 2018 Save You Tax?

    Could “Bunching” Medical Expenses into 2018 Save You Tax?

    Some of your medical expenses may be tax deductible, but only if you itemize deductions and have enough expenses to exceed the applicable floor for deductibility. With proper planning, you may be able to time controllable medical expenses to your tax advantage. The Tax Cuts and Jobs Act (TCJA) could make bunching such expenses into…

  • 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…