TaxAudit Blog: Healthcare
When certain medical expenses aren’t covered by a health insurance plan or have a high deductible, the IRS allows a tax deduction on the individual tax return.
Now that the pandemic is officially over, can I still deduct the cost of masks and hand sanitizer for my classroom or place of business? Let's find out.
The good news is that, at tax time, taxpayers can often deduct part or all of the premiums they pay for long-term insurance for themselves or a dependent.
According to the Federal tax laws, unreimbursed COBRA payments are deductible as medical expenses on your tax return if you qualify to itemize your deductions.
There is a very good chance that you can deduct your Medicare Premiums that you paid on your taxes. As always, there are different conditions that must be met.
Dental expenses (if qualifying) can be included on Schedule A, Itemized Deductions - Medical and Dental Expenses, subject to a 7.5% Adjusted Gross Income.
When it comes to medications, you can only deduct the amounts that you pay for medicines or drugs that have been prescribed for you by a doctor.
Medical expenses are deductible, but whether or not you can claim this deduction depends entirely on the amount you spent and the amount you earned.
You can likely deduct your out-of-pocket assisted living expenses on your Form 1040 tax return. But, as always, there are some conditions that have to be met.
The most likely answer for most people would be no, as the general rule is that you cannot deduct the cost of the gym membership. However, there are exceptions.
Yes, under certain conditions, health insurance premiums are tax-deductible. Generally, the health insurance premiums can be deducted in one of two ways.
One way to offset the rising costs of health care is by claiming an itemized deduction for qualified medical expenses paid during the year on your income taxes.
Prescription eyeglasses for correcting your vision are deductible as a medical expense, but you may not be able to deduct them based on other factors.
The Tax Cuts and Job Act presents many substantial changes to filing requirements; however, the reporting of healthcare coverage remains consistent.
You can reduce your risk of falling victim to scammer's schemes by developing a basic understanding of what the IRS can and cannot do.
Some people can claim an exemption from the health insurance requirement, but everyone else needs to show the IRS that they are covered or else pay a penalty.
Form 1095-A, Health Insurance Marketplace Statement, is issued by the federal and state healthcare marketplace exchanges.
I received a 1095-A form for health insurance after I had already filed my taxes.
You might have thought that with the new Health Care Reform more of all the money you spend on health insurance and medical expenses would be deductible.
My brother was moved to a nursing home/memory care unit. He had to live in the nursing home area until the memory care unit had an opening. When he was in...
We heard about it all the way back in 2010, but the Individual Mandate − or Minimum Essential Coverage − did not go into effect until this year.
I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.
My brother is in assisted living; what part of his expenses can be deducted? He needs assistance with getting dressed and all daily hygiene activities.
Now that the furor, for the most part, over the Affordable Care Act has subsided a bit, let's take a quick look at the PENALTY for not abiding by this law?
My wife has her own business as a psychotherapist and is the only person involved, i.e., she has no employees. She frequently has to submit claims to insurers.
Feeling sick? Broke a foot? Broke a tooth? Kids in braces? Are these deductible on your taxes? Well – maybe. Medical, dental, and even alternative health care..