Medical Expenses

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Glossary of Tax Terms: HSA

By | August 27th, 2013|Categories: Potpourri of Tax Topics|Tags: , |

In the tax world, the term "HSA" stands for "health savings account." An HSA allows you to save money, tax-advantaged, for medical expenses. Contributions to an HSA reduce your taxable income, and withdrawals from an HSA are tax-free if used for medical expenses. Requirements To qualify for an HSA, the basic requirements are: You must be [...]

Have an HRA? Make Sure to Pay Your “Patient-Centered Outcomes Trust Fund Fee”

By | July 15th, 2013|Categories: Potpourri of Tax Topics, Small Businesses Taxes|Tags: , , , |

If your small business has an Health Reimbursement Arrangement (HRA), you probably owe a $1/employee fee because of the Affordable Care Act.

How to Claim Someone as a Medical Dependent

By | January 23rd, 2012|Categories: Same-Sex Marriage and Taxes|Tags: , , , , |

People in same-sex relationships know that if a same-sex partner is not a dependent, then the value of health benefits provided to that partner are taxable income. Some of my clients in same-sex relationships have upwards of $10,000 of "income" added to their W-2s because they have a partner on their health insurance. But most people, [...]

Ask Jason — More About Head of Household; Deducting Plastic Surgery

By | January 13th, 2012|Categories: Same-Sex Marriage and Taxes|Tags: , , |

DISCLAIMER: The answers to questions in this segment are intended to be general in nature and do NOT constitute tax advice. Please contact a tax advisor to discuss your unique situation. All of these questions have been submitted from readers recently: Q: Can I file as head of household on my taxes in North Carolina if my [...]

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IRS Releases Mileage Rates for 2012

By | December 9th, 2011|Categories: Small Businesses Taxes|Tags: , , |

The IRS has released the mileage rates for 2012. The rates are the same as they were for the last half of 2011: Business mileage rate is 55.5 cents/mile. Medical mileage rate is 23 cents/mile Moving expense rate is also 23 cents/mile Charitable mileage rate is 14 cents/mile* *-Unlike the mileage rates for business, medical and [...]

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