Tag Archives: Medical expenses

Health Insurance Reimbursement Plans

Before the new health care law, small businesses were allowed to offer health insurance reimbursement plans, in which the company could give each employee a certain amount of money (pre-tax) that the employees could use to purchase insurance on their own. The IRS has recently clarified that these kinds of arrangements are no longer permitted. […]

2013 tax increases

As part of the new health care law, there are some interesting tax changes going into effect next year. Here are a few: Currently it’s possible to deduct medical expenses that are above 7.5% of your gross income for the year. So if you made $50,000 and spent $5,000 in medical expenses for the year, […]