Message Font: Serif | Sans-Serif
 
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next
Author: kljorgensen One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121150  
Subject: Re: Deduct Healthcare costs? Date: 11/4/2004 12:26 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 1
I've been told that I can deduct some of my healthcare costs. I work for a small business--I don't own it, I'm not a partner, nor am I a contractor--we only have 5 people in the whole company and everyone but me has health insurance through a spouse.

I've been told that I can deduct some, or perhaps all, of my costs. I think if it were true, there would be many more people that would have self coverage. I find this odd, and frankly, I'm not beliving any of it until I get it from someone who knows.

So, please, point me in the right direction:
Take it off as a deduction? Do I need move to being a contracted employee? Start my own business? Dream on?

Thanks in advance,

Mike


You can deduct the expenses that are over 7.5% of your AGI. Take a look at the IRS publication that describes it.

http://www.irs.gov/pub/irs-pdf/p502.pdf

Your company may be able to set up a healthcare flexible spending account. You put pretax money into this account and then the funds can be used to reimburse you for your medical expenses. This essential makes them deductible.

Still another option is the medical savings account. Again, look at the IRS publication about them.

http://www.irs.gov/pub/irs-pdf/p969.pdf

Good luck.

klj
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (12) | Ignore Thread Prev | Next

Announcements

Disclaimer:
In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Value Hounds

Kate Spade's Wild Ride
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement