The Affordable Care Act (Obamacare) is about 20,000 pages long. So if you haven’t personally read the passages dealing with changes to Section 105 medical reimbursement accounts (HRAs), no one can blame you. Luckily for you, we’ve done the research on the subject and are happy to share it with you. The punch line is that there’s good news and there’s bad news. If you are … [Read more...]
Section 105 medical plan
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New federal tax rules for same-sex married couples
As a result of the recent Windsor Supreme Court decision, the IRS issued Revenue Ruling 2013-17. It states that same-sex married couples are to be treated identically to traditionally-married couples for federal income tax purposes. The new ruling makes this the perfect time to review the benefits (and disadvantages) of married status. So, no matter whom the wedding bells are … [Read more...]
How to keep your Section 105 plan working in retirement
You may not be working in retirement, but if you know how to play your cards right, your Section 105 medical-reimbursement plan can keep working for you even after you call it quits. What’s the catch? There isn’t any but you have to do some planning. Which is where my new article comes in. It will show you how to make sure your Section 105 plan continues providing tax benefits … [Read more...]
Answers to questions about Section 105 medical plans
One of the wonderful things about writing the Tax Reduction Letter is that I often get really great questions from my many readers. I recently got an extremely interesting email from a couple who told me about their situation. Here’s their story… They both are 1099 independent contractors They both work for the same company, file their tax returns jointly, and each has … [Read more...]
Six great ways to cut your 2012 tax bill
With the new year approaching fast, now is the time to act if you want to save money on taxes. What can you do to reduce your tax bill? Well, for starters, you can read my new article which offers four year end tips and strategies on medical deductions and two on retirement. But don’t put it off. Before you know it, we’ll be ringing in 2013 and facing possible huge changes … [Read more...]