Each year, June 28 marks National Insurance Awareness Day, serving as a reminder that it’s a good time to review your insurance coverage and ensure that it still fits your needs. This is particularly true for health insurance and making sure you have the right amount of coverage at an affordable cost. Since there are specific rules and qualifications you must follow, here’s an overview of when you can and cannot claim a tax deduction on your health insurance.
Though medical expenses cost a bundle, medical insurance premiums, co-pays and uncovered medical expenses are deductible as itemized deductions on your tax return, and that can help defray the costs. In the past you could deduct only those medical expenses that exceed 7.5% of your adjusted gross income; beginning in 2013, that threshold has been raised to 10%. Full story
If you need to enroll in your employer provided Flexible Spending Account due to your plan’s open enrollment, changes in employment, or family size, here are some tips to help you figure out how much to contribute to your FSA from Elle Martinez of Couple Money. Full story
What amount of your medical expenses are tax deductible? Do you have to show proof of the expenses that you’re claiming as deductions? Whose medical bills are able to be deducted? These are some very common questions about medical expenses, so let’s just dive right in.
Tis the season to overindulge and eat too much. Well, before you try to deduct your gym membership dues there are some things you need to know. Michael Rubin explains requirements for deducting your weight loss expenses. Full story
Many employers offer Flexible Spending Arrangements. Under the typical flex-spend account you can contribute up to $5,000 pre-tax, to be used for various types of expenses. Find out details about this account before year end.
You can deduct your medical expenses, your spouse’s expenses (provided you’re filing jointly), or your dependent. You have to itemize your deductions and the expenses must be more the 7.5% of your AGI. Find out what expenses qualify. Full story
Medical expenses cost a bundle, even with the help of health insurance, and they rise astronomically year after year. Luckily, medical insurance premiums, co-pays and uncovered medical expenses are deductible as itemized deductions on your tax return, and that can help defray the costs. But before you breathe a sigh of relief, read on. Full story
We all know that this is the time of year when everyone makes resolutions to lose weight, but did you know that if you itemize your tax returns (as 40% of us do), you can monetize your weight loss? Full story