Part I of form 8885 establishes which months in the tax year you claim the HCTC. In Part II you declare the total amount you paid directly to your qualified health insurance provider, omitting any premiums paid to the HCTC program directly, any advance payments or reimbursements you rec...
Wages used to calculate the WOTC generally can’t also be used to calculate other wage-based credits, such as the empowerment zone employment credit or employer credit for paid family and medical leave. However, you might be able to claim the WOTC and another wage-based credit ...
In this example, that could include everything from your deductible or coinsurance, to groceries or rides to work. Still not convinced accident insurance is worth it? Here are four more reasons to consider: 1. Accidents happen more often than you’d think We’d all love to think we’ll ...
You can withdraw contributions penalty-free at any time:Since you’ve already paid your taxes on your contributions, there is no early withdrawal penalty to withdraw what you’ve contributed with Roth IRAs. Cons There are no upfront tax benefits:Since your contributions are made after taxes, yo...
Interest on student loans might betax deductibleif you qualify, according to the Internal Revenue Service.. Consult a tax advisor for more information based on your specific circumstances. If you have multiple loans, you might consider a student loan consolidation. But remember, consolidation may le...
In 2018 the tax on split income (TOSI) rules came into being and the government made this more difficult. A family member needs to own shares of the corporation and work at least 20 hours per week on average before dividends could be paid out. If you’re going to go this route, make...
, and as long as we maintain it, we can trade it in for what we paid for it towards another piano – that’s likely to be a very long time away. At the end of this month, Daughter Person is getting her tonsils and adenoids out, and we’re paying for that – definitely meeting ...
Tax Implications:The premiums for basic employee life insurance paid by employers are generally considered a tax-deductible business expense. However, if the coverage amount exceeds a certain threshold, typically $50,000, the portion of the premium attributable to the excess coverage may be taxable ...
Also, HSA funds can also be used to pay for Medicare Part B and Part D premiums and long-term care (LTC) insurance premiums. The odds are good that sometime before you die, you’ll have some medical expenses that could be paid with tax-free money that compounded for decades. Worse-ca...
Families First Coronavirus Response Act (FFCRA) Credits:The FFCRA provides paid sick leave and expanded family and medical leave to eligible employees. Employers can claim tax credits for the wages paid under the FFCRA. However, wages that have been used to calculate FFCRA tax credits cannot be ...