TaxAudit Blog

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.

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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.

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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.

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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.

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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.

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Dental expenses (if qualifying) can be included on Schedule A, Itemized Deductions - Medical and Dental Expenses, subject to a 7.5% Adjusted Gross Income.

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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.

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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.

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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.

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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.

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Yes, under certain conditions, health insurance premiums are tax-deductible. Generally, the health insurance premiums can be deducted in one of two ways.

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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.

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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.

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The Tax Cuts and Job Act presents many substantial changes to filing requirements; however, the reporting of healthcare coverage remains consistent. 

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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.

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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.

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Form 1095-A, Health Insurance Marketplace Statement, is issued by the federal and state healthcare marketplace exchanges.

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I received a 1095-A form for health insurance after I had already filed my taxes.

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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.

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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...

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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.

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I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.

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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.

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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?

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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..

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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..

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