• Are You Aware of the Business Credits and Other Tax Benefits Available? Marginal and Effective Tax Rates

    What is the Difference Between Marginal and Effective Tax Rates

  • Are You Aware of the Business Credits and Other Tax Benefits Available? Marginal and Effective Tax Rates

    Discover the Business Credits and Tax Benefits You Might Be Missing

  • If you pay premiums for Medicare health insurance, you may be able to combine them with other qualifying expenses and claim them as an itemized deduction for medical expenses on your tax return. This includes amounts for “Medigap” insurance and Medicare Advantage plans, which cover some costs that Medicare Parts A and B don’t cover. Generally, you can deduct medical expenses only if you itemize deductions and only to the extent that total qualifying health care expenses exceeded 7.5% of your adjusted gross income. But, if you’re self-employed people or a shareholder-employees of an S corporation, you can generally claim an above-the-line deduction for your health insurance premiums, including Medicare premiums. That means it’s not necessary for you to itemize deductions to get the tax savings. Contact the office with questions about claiming medical expense deductions on your personal tax return. Also, be sure to ask for help identifying an optimal overall tax-planning strategy based on your personal circumstances.

    Medicare Premiums may Lead to Tax Savings

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  • Traditional Vs Roth IRAs Recordkeeping For Your Taxes: Frequently Asked Questions

    Recordkeeping For Your Taxes: Frequently Asked Questions