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Are Medical Expenses Tax Deductible?
Medical expenses can be tax deductible. Learn which ordinary and COVID-19-related expenses might be deductible on your 2020 taxes that you’ll file in 2021. Read more…
What is Form 1095-B: Health Coverage
Form 1095-B is a tax form that reports the type of health insurance coverage you have, any dependents covered by your insurance policy, and the period of coverage for the prior year. This form is used to verify on your tax return that you and your dependents have at least minimum qualifying health insurance coverage. Read more…
Flexible Spending Accounts: A Once-A-Year Tax Break
No health insurance policy covers everything, and that's where Flexible Spending Accounts (FSAs) come in. FSAs are basically bank accounts reserved to pay for your out-of-pocket health care costs. Of course, anyone can put aside money to cover health expenses, but what makes an FSA special is that you don't have to pay taxes on the money you put into it. Read more…
The Ultimate Medical Expense Deductions Checklist
Claiming medical expense deductions on your tax return is one way to lower your tax bill. To accomplish this, your deductions must be from a list approved by the Internal Revenue Service, and you must itemize your deductions. Read more…
How Health Care Reform Has Changed the Way You Pay Taxes
With the passage of the Affordable Care Act, it's time to think about how it will affect your taxes. Whether your income is high, low or in-between, everyone will likely be affected in some way. Here's a year-by-year breakdown of what's on the horizon and details about how the new law may change the amount of tax you pay. Read more…
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