Tax rules around healthcare — insurance mandates, medical deductions, HSAs, and how healthcare policy shows up on your tax return.
Taxpayer asks: Hi Tax girl, My nephew did not work in 2009…but did work the full year in 2010. Is he entitled to the making work pay credit? He does meet all of the other requirements. and If I could sneak in another quick question… My daughter did not claim the making work pay schedule…
Taxpayer asks: Please tell me this isn’t so…..Under the new health care bill, all real estate transactions will be subject to a 3.8 % sales tax. This new tax is supposed to kick in 2013. taxgirl says: I’ve gotten a few questions about this so-called “real estate tax” lately. Concern about the “tax” has escalated…
Is the IRS stepping its toes even further into the breastfeeding versus bottle fray? This week, the IRS announced that, effective as of the 2010 tax year, mothers who breastfeed can get a tax break. Under the change in policy, taxpayers may now use pretax dollars in their FSAs (flexible spending accounts) to cover the…
Apparently, the rumor mills are at it again. I’ve received three emails already this morning to this effect: I’ve been told by several friends that my employer provided health care benefits will be subject to regular income tax treatment in 2011. I pay a monthly amount that partially pays for a high-deductible Blue Cross policy….
Taxpayer asks: I heard today that the courts ruled Obamacare unconstitutional. Does that mean that we don’t have to worry about those new 1099s now? taxgirl says: There are a couple of pieces to this question. First things first: the health care bill is still law. Procedurally, what happened was that a federal court in…
While the use of marijuana for medical reasons remains controversial, it’s becoming more mainstream. Currently, 14 states and DC have legalized medical marijuana in some form (you can check out the details here). That’s pretty interesting in and of itself since marijuana remains illegal for federal purposes. From a tax perspective, the legality of medical…
Taxpayer asks: My brother works for a company who pays $12K a year for his health insuranceHe is 64, single, no children, no ex-wifeMy brother understands starting in 2011 the government will treat the $12K as income and he will be taxed on itAlso because it is over $8,000 a year it is considered a…
Taxpayer asks: I have a stressful situation at my work and I haven’t been able to sleep. I went to my doctor and he told me to buy some relaxation tapes. Can I deduct those? Taxgirl says: I can totally sympathize with you. I couldn’t sleep more than a couple of hours during my first…
For months now, both sides have been firing shots in the health care reform debate. Despite the fact that we now have a signed bill, many of the details are yet to be worked out and that causes concern that the bill will either be overworked or under reaching; my best guess is that it’s…
I’ll confess that I got up today with a bit of fear and trepidation. You see, I had been assured by both sides of the health care reform debate that no matter the final tally, the world would end after the health care vote. Remarkably, Earth is still spinning this morning. The health care reform…