Tag Archives: insurance

How to Maximize 2017 Income Tax Medical Deductions

One of the deductions that may disappear with the proposed federal tax reform bill is the one for medical expenses.

Currently if you itemize your expenses, you can deduct qualified medical expenses that exceed 10% of your adjusted gross income (AGI). For those age 65 and older, the available deduction is 7.5%.

According to the IRS, the following may be included as qualified expenses for most medical and dental expenses you paid for yourself, your spouse and your dependents for:

    • Diagnosing, treating, easing or preventing disease
    • Prescription drugs and insulin
    • insurance premiums for policies that cover medical and dental care
    • Some long-term care insurance costs

The cost of nutritional and herbal supplements and other natural medicines can only be deducted when they are recommended by a medical practitioner as treatment for a specific medical condition diagnosed by a physician.

Given the uncertainty about whether medical expense deductions will be available in 2018, it is wise to avoid delaying any qualified medical expenses you can if you itemize expenses on your tax return.

For more information, visit https://www.irs.gov.

 

Part-Time Workers Seeing Hours Cut in Advance of 2014 ACA

Employers, both large and small, are very nervous about a major feature of the Affordable Care Act (ACA) that kicks in January 1, 2014. Companies with 50 or more employees will be required to provide health insurance coverage for those who work at least 30 hours or face large fines.

Some companies are decreasing worker hours to avoid providing insurance for those employees. Not only will those workers not receive coverage through their employers, they will also have smaller paychecks. Nationwide, an estimated 2.3 million workers Continue reading Part-Time Workers Seeing Hours Cut in Advance of 2014 ACA