Tag: medical expenses
IRS rules general health and wellness expenses are NOT medical expenses
IRS has recently said that personal expenses—things like food and general wellness purchases—are not deductible or reimbursable under health flexible spending or reimbursement arrangements, health savings accounts, or medical savings accounts. The warning comes after what the IRS said were...
Are concierge medicine expenses FSA-eligible?
According to a recent article from FSA Store, concierge medicine -- which is a "highly attentive" way to get healthcare -- is becoming increasingly popular. Essentially, patients pay extra fees in exchange for more personalized care and better access to...
Understanding the medical expense deduction for home improvements
According to the Family Caregiver Alliance, approximately 79% of people who require long-term care live in their homes. As such, modifications to make homes more accessible, safer, or capable of addressing specific health issues are necessary—and many individuals making these...
ABLE Act helps individuals with disabilities
Included in the Tax Increase Prevention Act of 2014 is a new type of tax-advantaged savings program for individuals with disabilities that begins in tax years after December 31, 2014. The new provisions are provided in the Achieving a Better...
SR Client Question: Can I withdraw from my IRA to cover medical expenses?
Typically, withdrawing from your IRA or 401(k) early means big penalty charges. However, there are two medical exceptions to the “early distribution penalty” (10% penalty for early distributions from an IRA, or other qualified pension plan): 1. Distributions due to...
SR Client Question: Can I deduct my medical and dental expenses?
If you paid for medical or dental expenses last year, you may be able to get a tax deduction for costs not covered by insurance. However, there are seven facts you should know about claiming the medical and dental expense...