Tax Reform 101 The Tax Cuts and Jobs Act of 2017 officially starts affecting tax returns Jan 1, 2018, so your taxes next January will look a bit (or a lot) different. Let’s walk through some of the most significant
Tag: medical
2018 Healthcare.gov Open Enrollment Deadline Dec 15th
On November 1, 2017, open enrollment for the Affordable Care Act began. It is very important that individuals/families who are not covered by healthcare plans by their employers, consider purchasing a plan through HealthCare.gov. You should act fast because the deadline is December 15,
What Deduction Should You Take – Itemized or Standard?
Itemize or Choose the Standard Deduction Most taxpayers claim the standard deduction when they file their federal tax return. However, some filers may be able to lower their tax bill by itemizing. Find out which way saves the most money
2016 Standard Mileage Rates
The IRS has released the 2016 standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving expense purposes. Beginning on Jan. 1, 2016, the standard mileage rates for
Apply for 2015 Health Coverage
The Healthcare.gov Marketplace open enrollment for 2015 starts November 15, 2014. Get ready to apply for affordable care act (ACA) insurance now: Check your state for plans and prices Apply and Enroll for health coverage – Starts Nov. 15, 2014
2015 HSA Deduction Limits
The Internal Revenue Service (IRS) has released the 2015 inflation-adjusted deduction limitations for annual contributions to a Health Savings Account (HSA) which are updated annually to reflect cost-of-living adjustments. In Revenue Procedure 2014-30, the IRS said that for calendar year 2015, the
Medical and Dental Expense Deductions
If you plan to claim a deduction for your medical expenses, there are some new rules this year that may affect your tax return. Here are eight things you should know about the medical and dental expense deduction: AGI threshold
2013 Year End Tax Planning
Year-end tax planning could be especially productive this year because timely action could nail down a host of tax breaks won’t be around next year unless Congress acts to extend them. Businesses and individuals can potentially achieve significant tax savings
IRS Launches Site to Explain Affordable Care Act
The IRS has launched a new Affordable Care Act Tax Provisions website at IRS.gov/aca to educate individuals and businesses on how the health care law may affect them. The home page has three sections, which explains the tax benefits and
Health Insurance Deduction for Self-Employed
Don’t Miss the Health Insurance Deduction if You’re Self-Employed If you are self-employed, the IRS wants you to know about a tax deduction generally available to people who are self-employed. The deduction is for medical, dental or long-term care insurance