Tax rules around healthcare — insurance mandates, medical deductions, HSAs, and how healthcare policy shows up on your tax return.
What’s the best tax deduction or tax break available? I hear that question all the time, and I often point people to health savings accounts, or HSAs. While many people believe healthcare expenses are the biggest deductions they can claim, thinking about your HSA as a large tax deduction and even a potential retirement account…
As more and more states legalize marijuana, pressure has been growing for Congress to take some action. This week, the House passed legislation that would end the federal ban on marijuana. The Marijuana Opportunity Reinvestment and Expungement Act (MORE Act) garnered support from both sides of the aisle, passing with a 228-164 vote in the…
To file or not to file? That’s the question that has been posed many times over the past week or so with respect to protective claims for refund for 2016 tax returns. Here’s what you need to know. The Supreme Court of the United States (SCOTUS) is slated to consider California v. Texas this fall. The case…
Whether you’re reading this from your living room while in your pajamas, or safely tucked away in your newly-renovated laundry room turned home office, you’ll probably agree that employment has changed over the past several weeks. Because of COVID-19, governors and municipalities have issued stay-at-home and other orders, resulting in the complete or partial shutdowns…
The Internal Revenue Service (IRS) has announced that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). The notice is in response to growing…
Sin taxes are excise taxes imposed on goods or behaviors – like booze and cigarettes – that lawmakers deem harmful. In addition to raising revenue, the idea is that bumping taxes high enough should trigger a slowdown in the behavior. But what happens if taxpayers simply exchange the “sinful” behavior – not for a “better”…
There’s snow on the ground, the calendar is winding down, folks are gearing up for the new year, so of course, we’re getting… EXTENDERS? Yes, it’s true. With the clock ticking, Washington appears to have reached a deal on tax extenders. Extenders are a term used to refer to expired or expiring tax provisions and…
Negotiations are ongoing, but it looks like the fiscal year 2020 spending bill will include permanent repeal of up to three Obamacare taxes: the so-called “Cadillac” tax on health insurance benefits, an excise tax on medical devices, and the Health Insurance Tax. The three taxes were part of the Patient Protection and Affordable Care Act,…
The death of the Affordable Care Act may have been exaggerated, but some provisions, like the shared responsibility payment, have effectively been killed off. Beginning in the 2019 tax year (that’s the return you’ll file in 2020), there will be no individual shared responsibility payment for taxpayers who fail to maintain minimum essential coverage. However,…
Genetic testing kits are all the rage these days—and recent tax news may make it even more affordable. Taxpayers may now get a tax break for some testing, piquing interest for some taxpayers. Unfortunately, the increased popularity also makes genetic testing kits ripe for scammers. The U.S. Department of Health and Human Services (DHHS) Office…