It’s my annual Taxes from A to Z series! This time, it’s Tax Cuts and Jobs Act (TCJA) style. If you’re wondering whether you can claim home office expenses or whether to deduct a capital loss under the new law, you won’t want to miss a single letter. M is for Medical Expenses. Under the…
It’s Taxes from A to Z. O is for organ donation.
I’m in sunny southeastern North Carolina this week but not for the change of weather. My dad had heart surgery on Friday and I flew out to be with my family. It’s an unexpected visit and no amount of surfing Bookit.com or Expedia could lower my airfare. Add in the icy conditions we’ve been having…
Form W-2? Check. Forms 1099-MISC? Check. Forms 1099-B? Check. Form 1098? Check. Receipts to support charitable deductions? Check. Receipts for medical expenses? Er, you might want to leave those at home. Of all of the deductions in all of the tax world, medical expenses top the list of “tax breaks that you think you’re getting…
Apple and Facebook have fired the latest round in the “perk wars” – efforts to woo and keep talent in the tech sector. Not content with fancy meals, tech companies are offering female employees the opportunity to freeze their eggs. As perks keep expanding, what are the tax consequences to those employees?
(UPDATE: The giveaway is now closed. We have our winner! See the comments for more info.) Earlier, I outlined the benefits of the popular Flexible Spending Account (FSA). An FSA allows you to take advantage of pre-tax dollars contributed by you and/or your employer to pay medical costs. If you have a high-deductible health insurance…
With cold and flu season ramping up, your wallet is likely to take a hit – especially now that the threshold for claiming the medical deduction has increased under Obamacare. What options exist for easing the pain of copays, medications and other medical expenses?
Taxpayer asks: Hi Taxgirl, My health insurance doesn’t cover the cost of my birth control. I am trying to decide between pills and an IUD. Would either or both of them be tax deductible? taxgirl says: You can only deduct qualifying medical expenses for federal income tax purposes. Qualifying medical expenses include the costs of…
“Love is much nicer to be in than an automobile accident, a tight girdle, a higher tax bracket or a holding pattern over Philadelphia.” – Judith Viorst, children’s author and tax activist
Taxpayer asks: Hi Taxgirl, My parents are willing to pay for me to have gastric bypass and whatever that entails (Dr appointments, nutritionist and so forth). They then want to write the payments off to their taxes. Is that legal? I am no longer a dependent of theirs. Also I have an FSA account if…