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The IRS clarifies what counts as qualified medical expenses

AGI (Adjustable Gross Income), Federal Income Tax, FSA, HSA, Itemized Deduction, Medical Deductions, Medical Expenses, Qualified Medical Expenses /

If you itemize deductions on your tax return, you may wonder: What medical expenses can I include? The IRS recently issued some frequently asked questions addressing when certain costs are qualified medical expenses for federal income tax purposes. Basic rules and IRS clarifications. You can claim an itemized deduction for qualified medical expenses that exceed […]

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Helping employees understand their health care accounts

FSA, HRA, HSA, Tax Deduction /

Many businesses now offer, as part of their health care benefits, various types of accounts that reimburse employees for medical expenses on a tax-advantaged basis. These include health Flexible Spending Accounts (FSAs), Health Reimbursement Arrangement (HRAs) and Health Savings Account (HSAs, which are usually offered in conjunction with a high-deductible health plan). For employees to

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