Medical expenses include amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease under IRC 213, as well as amounts paid for qualified long-term care services under IRC 7702B. You may deduct certain medical expenses that are paid during the year and that are not compensated for...
The small employer health insurance credit is applied for on IRS Form 8941. The credit itself is based on the non-shareholder staff, their hours worked, wages and the premiums paid for them. The hours worked, wages and health insurance premiums of shareholders are not taken...
IRS Form 8889 is used to: (1) report health savings account (HSA) contributions, including those made on your behalf and employer contributions; (2) figure your HSA deduction; (3) report distributions from HSAs; and (4) figure amounts you must include in income and additional tax you may owe if you fail to be an eligible individual. You must...
IRS Notice 2011-68 provides interim guidance on the federal income tax treatment of annuity and life insurance contracts with a qualified long-term care insurance (QLTC) feature. The guidelines address the application of certain changes to the federal income tax rules governing annuity and life insurance contracts as...
The Tax Credit for Employee Health Insurance Expenses of Small Employers is part of the Patient Protection and Affordable Care Act which was signed into law in March of 2010. The Act makes a credit available to small employers who pay at least 50% of...
When signing up for a health insurance plan registered under your business, the business may be able to deduct premiums paid for medical and dental insurance and qualified long-term care insurance for you, your spouse, and your dependents if you are one of the following: A...
For tax year 2010, a self-employed taxpayer will be eligible to claim a self-employed health insurance deduction on Line 29 of Form 1040. Additionally taxpayers also receive a corresponding deduction when calculating self-employment taxes. When calculating self-employment tax, taxpayers can claim a self-employed health insurance...
The Internal Revenue Service released a draft version of the form that small businesses and tax-exempt organizations will use to calculate the small business health care tax credit when they file income tax returns next year. The IRS also announced how eligible tax-exempt organizations...
As part of a larger Administration announcement on efforts to strengthen the health care workforce, the Internal Revenue Service today announced that under the Affordable Care Act health care professionals who received student loan relief under state programs that reward those who work in underserved...
Videos HIRE Act: English Small Business Health Care Tax Credit: English WASHINGTON — In recognition of National Small Business Week, the Internal Revenue Service encourages small businesses to take advantage of tax-saving opportunities included in recently enacted federal legislation. A variety of business tax deductions and credits...