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Long-term care costs can be substantial, and neither Medicare nor Medicaid provide comprehensive coverage for most people. Long-term care insurance can help protect your finances, and there may be ways to deduct the premiums, depending on your business structure. To learn more about deducting long-term care insurance, visit our blog at https://lnkd.in/e-7x-Ekh Related Topics: CPA accountant accounting services tax planning #tax #taxes #taxprofessional #taxreturn #taxtips #taxpreparer #taxplanning #incometax #floridastate #financialliteracy #financialeducation #irs #miamidade #miamiflorida

HSAs and FSAs can be used for a LOT of expenses, but I often caution people against self interpretation of what is a "qualified medical expenses". Or, of believing what someone other than a tax professional says is a qualified expense. DISCLAIMER: I am not a tax professional and I can not give tax advice. If someone is selling you something under the guise you can use your HSA funds to pay for it, I recommend checking the regulation or consulting with your tax professional. The IRS is aware of companies inappropriately claiming their products or services are "HSA qualified" and has published the following cautioning consumers against illegitimate tax advice. https://lnkd.in/gXjMKvZP If you want to know if something is a "qualified expense" that you can use funds from a tax advantaged medical account, I recommend the following two publications. IRS Publication 969 IRS Publication 502 Here's the thing; With very few exceptions we all will have more health expenses in the future than we do now. That's how the human body works. By spending HSA funds now that toe the line of legitimate, you're missing out on tax free interest that can be used for your future needs. Of course if you have an FSA, those funds generally don't roll over so look for qualified ways to spend them. Finally, save your receipts... they're part of your tax record. #health #insurance #healthinsurance #Healthcare #healthsavingsaccounts #hsa #flexiblespendingaccounts #fsa

Nineteen states, including New York, are contemplating implementing a tax on individuals who are not covered by a qualifying long-term care insurance policy. New York has proposed a Long-Term Care Trust Program to address the issue of long-term care insurance through a mandatory payroll tax. HBK Principal Jim Rosa provides details. #TaxPlanning #Healthcare

💡Understanding the Tax Benefits and Consequences of Long Term Care Insurance (LTCI)💡 As financial professionals, we often field questions about the tax implications of Long Term Care Insurance (LTCI). Investing in LTCI can be a wise decision, but it's essential to understand both the benefits and potential consequences from a tax perspective. **Tax Benefits:** 1. Premium Deductibility: Depending on your age and the policy, premiums paid for LTCI may be tax-deductible as medical expenses. The IRS sets annual limits on the deductible amount, which tend to increase with age. 2. Tax-Free Benefits: Generally, benefits received from a tax-qualified LTCI policy are tax-free, providing a significant financial cushion when care is needed. 3. Business Deductions: For business owners, premiums for tax-qualified LTCI policies purchased for employees may be deductible as a business expense. **Tax Consequences:** 1. Non-Deductible Costs: If you're self-employed or an employee with compensation packages that do not allow for medical expense deductions, you may find that part of your premiums is non-deductible. 2. Income Limitation: There are income-based thresholds that determine if you can fully benefit from medical expense deductions. High earners may face limitations. 3. Complex Tax Situations: The interaction between LTCI deductions and other medical expenses can be complicated, requiring careful planning to maximize benefits without triggering adverse tax consequences. Effective planning is key to leveraging LTCI benefits while navigating potential tax pitfalls. As always, consult with a tax advisor or financial planner to tailor strategies to your specific situation. 🌟Have questions about how LTCI fits into your financial plan? Feel free to reach out! We're here to serve as a resource that enables you to create a well-informed future.** #LongTermCareInsurance #TaxBenefits #FinancialPlanning #TaxStrategy #LTCI #FinancialAdvisor #WealthManagement

Attention taxpayers! If you are someone who is still looking for ways to save on taxes, did you know that you can do so while securing your health? Under Section 80D of the Income Tax Act, you can get #taxdeductions on premiums paid towards health insurance up to Rs. 75000. 1. The deductions are available for premiums paid for the self, spouse, dependent children, and parents/parents-in-law. You can claim a deduction of up to Rs. 25,000 per financial year. Additionally, you can get a tax exemption of up to Rs. 25,000 per financial year for premiums paid towards health insurance policies for your parents. For senior citizens (60 years or above), the tax deduction limit is up to Rs. 50,000 per financial year.  2. Additionally, amounts reimbursed by the employer for medical expenses incurred by the employee and their family members are tax-free up to a specific limit. As per Section 80D, you can claim a tax deduction of up to Rs 5,000 per financial year for preventive health check-ups. However, this preventive health check-up deduction is subject to the Section 80D limit of Rs 25,000 for individuals and Rs 50,000 for senior citizens. By availing of these tax benefits, you can thus protect yourself and your family against medical expenses and enjoy tax savings on your annual income tax liabilities. Understanding the specific provisions and limits under Section 80D to optimize tax-saving strategies while ensuring adequate health insurance coverage is essential. Don't delay now!! #incometax #savetax #healthinsurance #taxdeadlines #healthcare

My Client Boosted Their Tax Refund by 20%—Just by Filing One Form! 🔥 If you’ve purchased health insurance through the Marketplace, this could be your story too. One of my clients estimated their income at $50K for the Premium Tax Credit (PTC), but by tax time, their actual income was $45K. Here’s how we did it: 📊 What Changed? Form 1095-A helped adjust their PTC based on real income. The IRS recalculated the credit, resulting in a 20% boost to their refund! 💸 💡 What You Should Know: If your income fluctuates, you might qualify for a bigger refund—but only if you reconcile using Form 1095-A and Form 8962. Failing to file this form can delay or mess up your return. 20% higher refund could be your reality too—don’t leave money on the table! 📑 Tax Tip: If you bought health insurance through the Marketplace, Form 1095-A is crucial to ensure you’re claiming the correct PTC. 👉 Want to know how much extra you could get? Check out my carousel on how Form 1095-A can boost your refund! 🔄 P.S. Share this with someone who might miss this crucial tax move. Let’s not leave cash on the table! Found it helpful? Follow Aashish Singhal to save your money 💥 🏷️ #TaxRefund #TaxSeason #PremiumTaxCredit #Form1095A #HealthInsurance #IRS #TaxTips

Tax Tips for the Self-Made Running your own show? Don’t miss out on these tax-saving perks: Cut Your Tax Bill: Deduct half of your self-employment tax as an income adjustment. Retire Smart: Max out your Solo 401(k) or SEP-IRA for tax-deferred growth. Health Wins: Deduct your health insurance premiums if you're not covered by an employer. Expense It: Write off those business essentials—office supplies, advertising, and more. Stay Ahead: Pay quarterly estimated taxes to dodge penalties. Work smarter, not harder—use these tips to keep more of what you earn! Contact us for more tips and tricks! #TaxDaddy #PeterholtzCPA #TuesdayTaxTips #SelfEmployed

Even if you don’t earn enough income to owe taxes, you must file a federal tax return if you received a premium tax credit for your health insurance that year. Learn more>> https://bit.ly/43HfLRP #IHealthAgents #taxes #healthinsurance

Uncover how long-term care insurance can be a deductible expense. Start planning early to secure your future and save on taxes. #TaxPlanning #LongTermCare #FutureSavings

Reporting the Premium Tax Credit using Form 1095-A Form 1095-A is such an evident document for individuals who enrolled in a health insurance plan through the Health Insurance Marketplace. The below form contains information required when you would want to claim the Advance Premium Tax Credit credits on your tax return. Key Points about Form 1095-A and the Premium Tax Credit: Premium Tax Credit Eligibility: Form 1095-A calculates your tax credit before calculating the amount of the credit you are eligible for. Reconciling Advance Payments: So, if you received in advance the Premium Tax Credit payments during the year, you should take the information from Form 1095-A to reconcile the advance payments with the actual credit amount on the tax return. Claiming the Credit: Filing your tax return using the information on Form 1095-A, you or your preparer will compile Form 8962, Premium Tax Credit, to be used for claiming the Premium Tax Credit. The IRS website is a source of the latest information on how to correctly claim Premium Tax Credit via Form 1095-A.