IRS updates offer deductible medical expensesHeinke, Marsha L
"The purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of coronavirus are deductible medical expenses," the agency said in a statement. These amounts are also eligible to be paid or reimbursed under he...
The IRS (in coordination with the Department of Health and Human Services) quietlyprovided guidancethatHSA-eligible high deductible health plans (HDHPs) consider a number of popular medical services, medications, and devices, such as insulin, inhalers, and statins as “preventative care“. For pla...
Are moving expenses tax deductible? Due to tax reform, most people can't deduct moving expenses, but military personnel still qualify if they meet specific requirements.
Itemized deductions claimed on Schedule A, like charitable contributions, medical expenses, mortgage interest and state and local tax deductions Unemployment income reported on a 1099-G Business or 1099-NEC income (often reported by those who are self-employed, gig worke...
Plan advisers and plan sponsors should take note: TheIRSpublished a reminder with information about health care flexible spending arrangements to help encourage taxpayers making open enrollment elections to take advantage of FSAs by allocating tax-free dollars for medical expenses not covered by health ...
IRS Will Allow Costs of Breast Pumps as Deductible Medical Expenses
There are exceptions to the above age limits based on special conditions and extenuating circumstances like spouse death,hardship, disability and qualified medical expenses. Also the payments from retirement plans can be provided as lump-sum distributions or via periodic payments (e.g. like an...
deductible office space, simply responding to emails on your laptop in front of the TV may not meet the criteria. To make a stronger case for claiming a home office tax deduction, it is advisable to designate a specific area of your home exclusively for business use. Accuracy and ...
Loans under the Payroll Protection Program (PPP) are eligible for forgiveness depending upon whether and when the loan proceeds are used for qualified business expenses. One of the benefits of this program is that there is no taxable income for the borrower upon loan forgiveness. While many borro...