7 Income People Think Are Taxable But Actually Are Not

Taxes are really very confusing. There are some deductions that people think they can claim but in reality, they can’t. I’m sure that you’ve been hearing different stories from your friends or co-workers regarding the deductibility of some deductions. It works the same way with reportable income: Determining which income is taxable or not can really […]

Schedule A: Medical Expenses You May Deduct

If you paid medical and dental expenses for yourself, your spouse and your qualifying dependents, you may be able to deduct them on your tax return. The IRS defines medical expenses as the costs of diagnostic, treatment, mitigation or prevention of disease and the costs of treatment affecting any part or function of the body. […]

OTC Drugs and Medicines Affected by the Health Reform Act

I have always utilized my Health Flexible Savings Account (HFSA) from work because it is very generous when it comes to getting tax breaks. I have saved tax dollars year after year for items such as over-the-counter medicines, insurance co-pay deductibles, eye care and other health expenses that are normally not covered by my insurance […]

How The Health Reform Act Affected My Employee Benefits

It’s that time of the year again for our employee benefits annual enrollment, which is on October 1 thru October 30, 2010, and I just received a newsletter which includes the preview of the upcoming changes. The annual enrollment from my work allows me to make changes on the following benefits: Health Insurance Dental Insurance […]