Have you looked into medical expenses lately? No worries, we’ve got you covered! They are on the rise – increasing by about $1,000 this year for an average family of four according to the Milliman Medical Index.

Allow us to assist further by providing some options to help you save:

Contribute to a Health Savings Account (HSA)

If you have a high deductible health plan, consider opening an HSA to pay your medical bills. As long as your health insurance deductible is $1,350.00 ($2,700.00 for family) or more, you can make contributions up to $3,450.00 ($6,900.00 for family) for 2018.

Contribute to a Flexible Savings Account (FSA)

Your employer can arrange an FSA for you, where both you and your employer can make pre-tax payroll contributions to the account to cover certain medical expenses.

Pros: Your total annual election amount is available to you on January 1^st

Cons: If you don’t use your FSA dollars by year-end, you lose the funds

Deduct Self-Employed Health Insurance Premiums

As long as you are self-employed, you can deduct amounts paid for health insurance for both you and your family. Your business must reflect profit for the tax year in order to qualify. This is an above-the-line deduction, so it can reduce your taxable income even if you are claiming the standard deduction.

Deduct Medical Expenses as an Itemized Deduction

 In 2018, the IRS is allowing itemized deductions for medical expenses that exceed 7.5% of your adjusted gross income (AGI). For the average household income per US Census Bureau’s guidelines of $60,000, any medical expenses above $4,500 can be written off as long as you are not taking the standard deduction.

Obtain Qualified Health Coverage

The individual shared responsibility mandate is still in place for 2018. If you don’t have qualified health coverage, you may be accountable for a hefty fee when you file your taxes.

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Jeffrey Schneider, EA, CTRS, NTPI Fellow has the knowledge and expertise to help you reach a favorable outcome with the IRS. He is the head honcho at SFS Tax & Accounting Services as well as an Enrolled Agent and a Certified Tax Resolution Specialist.
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Now What? I Got A Tax Notice From The IRS. Help! Defining and deconstructing the scary and confusing letters that land in your mailbox. Jeff defines and deconstructs the scary and confusing letters in a fashion that mixes attention to detail with humor and an intricate clarification of what is what in the world of the IRS.

The book is available in paperback and eBook on https://Amazon.com
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For more on SFS Tax Problem Solutions, visit: http://sfstaxproblemsolutions.com/
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738A S Colorado Avenue Stuart, FL 34994
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Phone: 772-337-1040
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