The term “tax benefit” refers to any tax law that helps you reduce yourtax liability. Benefits range from deductions and tax credits to exclusions and exemptions. They cover various areas, including programs for families, education, employees, and natural disasters. Some tax benefits are related...
Variable life insurance policies have specific tax benefits, such as the tax-deferred accumulation of earnings. Provided the policy remains in force, policyholders may access the cash value via a tax-free loan. However, unpaid loans, including principal and interest, reduce the death benefit. Addi...
I have a senior citizen health plan for my mother. Last year, I invested in a child investment plan from a reputed insurer. How can I claim tax benefits for my insurance and investment
The ideal time to buy a term insurance plan is as early as possible as the premium will be low. Besides, when buying a term plan, have a look over the additional rider options available and include it in the plan if required. The rider premium is also eligible for the tax benefits and...
Premiums for "qualified" long-term care insurance policies are tax deductible to the extent that they, along with other unreimbursed medical expenses (i...
For Tax-Qualified Long-Term-Care Insurance
Variable life insurance policies have specific tax benefits, such as thetax-deferredaccumulation of earnings. Provided the policy remains in force, policyholders may access the cash value via a tax-free loan. However, unpaid loans, including principal and interest, reduce the death benefit. Addition...
For those who want to finance genuine tax reform, there are genuine loopholes that could be eliminated or curtailed, most notably the fringe benefits exclusion and the muni-bond exemption. P.S. The fringe benefits exclusion is such bad policy (contributing to third-party payer) that I even wr...
Benefits of a Lower AGI Lowering your AGI opens the possibility for: Becoming eligible for premium tax credits for health insurance Reducing or eliminating student loan payments Claiming additional tax credits (retirement savings credit, etc.) Receiving stimulus payments or other one-time benefits My ...
Lower GST Rate Has Many Benefits Particularly in the rise of medical cases during and post-pandemic, the insurance sector was in demand. Experts see that the18% GST is higheron health and term insurance and the same must be reduced.