If you own an S corporation, getting a deduction for your health insurance can be a tricky business. As you may have already discovered, the tax rules governing health insurance can be extremely confusing. Which is why I urge you to take a look at the easy-to-understand flow chart that I’ve created and featured in my new article. Want to see at a glance how to get the … [Read more...]
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Good news about your Section 105 plan!
The Tax Court works in mysterious ways. And sometimes (though not often enough) it works in your favor. That’s what happened recently when the 10th Circuit Court of Appeals reversed the Tax Court’s “Shellito decision” which we discussed in a prior article. The reversal meant that Milo and Sharlyn Shellito were able to reap $20,208 in Section 105 plan deductions! And the … [Read more...]
How to get big deductions for Long-Term Care insurance
It’s no fun to think about getting sick and needing long-term care insurance. So here’s a happier thought… If you’re in business, you can probably claim a huge tax deduction for long-term care insurance. In fact, you might be able to claim a 100% deduction. And if you’re married, the 100% deduction can include your spouse! With the cost of long-term care skyrocketing, now’s … [Read more...]
How to add deductions to your HSA?
Why is the Health Savings Account (HSA) so popular? Because, as you may know, it’s a great way for you to claim a tax deduction for the money you put into your HSA without itemizing deductions. What’s more, that money grows tax deferred inside the HSA. What you may not know is that you can add a Section 105 Plan, FSA, or HRA on top of your HSA if you understand the tax law. … [Read more...]
How to avoid a life insurance tax trap
Do you own a life insurance policy? If you do, there’s a fact you should know. FACT: The build-up of cash value in your life insurance policy, coupled with loans against the policy, can create a whopping, unexpected tax bill. If you want to learn when life insurance policy loans create taxable income, I urge you to read my new article titled Tax Tips: Life Insurance Policy … [Read more...]