Gluten-Free Federal Tax Deduction for Celiac Disease Many people suffer from Celiac's disease. To be eligible to deduct the excess costs of a gluten-free diet under Internal Revenue Code Section 213, you must generally have a documented reason to require the observance of a gluten-free diet,...
Over Thanksgiving I was asked to explain in basic sound bite terms the federal tax implications of the various health savings options. Caught off guard I stammered as eyes glazed over, heads drooped, and relatives closest to me pounced. It was brutal. "Aren't you an Enrolled Agent?" ...
Health Savings Accounts (HSA) - A Fantastic Tax Planning Tool - first introduced in 2003 via IRC § 223(b)(2)(A) were legislatively intended for individuals covered by high-deductible health plans to generally allow for preferential income tax treatment on money saved for medical expenses. Many more US Taxpayers are taking...
I had a grEAt conversation with my friend Bob Kerr Friday. We talked about the Department of the Treasury expanding the relief it announced previously on February 24, which will mitigate any harm to tax filers in regards to filing Form 1095A under the Affordable...
What is an FTE? What is a Seasonal Employee?...
US citizens are required to carry minimum essential health insurance coverage beginning January 1st 2014. This is also commonly referred to as the 'individual mandate' and some people are exempt from this individual mandate including: Members of recognized religious sects that are exempt from self-employment...
This post is a quick overview of IRS Publication 502, Medical and Dental Expenses and IRS Publication 969 Health Savings Accounts and Other Tax-Favored Health Plans. You can deduct expenses primarily paid for the diagnosis, cure, mitigation, treatment or prevention of disease, or treatment affecting any structure or function...
Medical expenses include amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease under IRC 213, as well as amounts paid for qualified long-term care services under IRC 7702B. You may deduct certain medical expenses that are paid during the year and that are not compensated for...
Attached is the summary of the IRS Stakeholder Liaison Meeting I attended on January 4th 2012 in Denver, Colorado as produced by Deborah Rodgers of the IRS. Some interesting insights were revisited. The most provocative discussion surrounded the comments made by Matthew Houtsma of District...
Under Internal Revenue Code §213 an expense is considered for medical care if it is paid for the diagnosis, cure, mitigation, treatment or prevention of disease. It is deductible on the taxpayer’s Schedule A, subject to 7.5 percent of adjusted gross income for the year. However under Reg. §1.213-1(e)(1)(ii), expenses incurred...