TaxAudit Blog

Category: Healthcare

Health Insurance

Yes, under certain conditions, health insurance premiums are tax-deductible. Generally, the health insurance premiums can be deducted in one of two ways.

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stethoscope on top of stack of cash over an Insurance Claims statement

One way to offset the rising costs of health care is by claiming an itemized deduction for qualified medical expenses paid during the year on your income taxes.

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Woman wearing eyeglasses

Prescription eyeglasses for correcting your vision are deductible as a medical expense, but you may not be able to deduct them based on other factors.

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1095-A Form

The Tax Cuts and Job Act presents many substantial changes to filing requirements; however, the reporting of healthcare coverage remains consistent. 

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Magnifying glass over tax forms with crime scene tape

You can reduce your risk of falling victim to scammer's schemes by developing a basic understanding of what the IRS can and cannot do.

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Application for Health Coverage form

Some people can claim an exemption from the health insurance requirement, but everyone else needs to show the IRS that they are covered or else pay a penalty.

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Woman relaxing by a lake

Form 1095-A, Health Insurance Marketplace Statement, is issued by the federal and state healthcare marketplace exchanges.

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Rx bottle that says Affordable Care Act

I received a 1095-A form for health insurance info from the Vermont Health Insurance Exchange/Marketplace after I had already filed my taxes.

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Rx bottle that says Affordable Care Act

You might have thought that with the new Health Care Reform more of all the money you spend on health insurance and medical expenses would be deductible.

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Doctors and nurses walking down hospital hallway

My brother was moved to a nursing home/memory care unit. He had to live in the nursing home area until the memory care unit had an opening. When he was in...

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Rx bottle that says Affordable Care Act

We heard about it all the way back in 2010, but the Individual Mandate − or Minimum Essential Coverage − did not go into effect until this year.

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Spoon full of vitamins

I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.

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Nurse helping woman

My brother is in assisted living; what part of his expenses can be deducted? He needs assistance with getting dressed and all daily hygiene activities.

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Application for Health Coverage form

Now that the furor, for the most part, over the Affordable Care Act has subsided a bit, let's take a quick look at the PENALTY for not abiding by this law?

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Man on couch talking to Psychotherapist

My wife has her own business as a psychotherapist and is the only person involved, i.e., she has no employees. She frequently has to submit claims to insurers..

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Calculator and Stethoscope

Feeling sick? Broke a foot? Broke a tooth? Kids in braces? Are these deductible on your taxes? Well – maybe. Medical, dental, and even alternative health care..

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This blog does not provide legal, financial, accounting, or tax advice. The content on this blog is “as is” and carries no warranties. TaxAudit does not warrant or guarantee the accuracy, reliability, and completeness of the content of this blog. Content may become out of date as tax laws change. TaxAudit may, but has no obligation to monitor or respond to comments.