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May deduct the premiums for qualified long-term care insurance as a medical expense if they do NOT itemize deductions?
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What is formulated into payroll tax deductions?
You will always want to deduct any taxes that are paid out of your income. You can also deduct premiums for life insurance, as well as other types of insurance.
Can you deduct insurance premiums as a medical expense on federal taxes?
Can I add my monthly health insurance payment from my employer to my medical deductions, such as medications prescribed, office visits, etc..
Can you cancel your health insurance any time?
You'll need to check your Plan documents. It depends if your premiums are part of a Section 125 Cafeteria Plan (aka, premium deductions are taken from your paycheck PRE-Tax). Most plans require a "Qualified Event" to make changes outside of the Open Enrollment period. If there is a qualified event you generally have 30 days to notify your employer of the changes.
Are long term care insurance benefits taxable?
Generally not. And you can usually take a tax deduction for the premiums you pay.Their are taxqulified plans and ones that or notANSWER:Long term care insurance benefits are not taxable but long term care insurance premiums can be. Depending on the type of policy, there is tax qualified policy. But your premiums can be tax deductible depending on your AGI and your age. For the year 2014, the internal revenue has increased the tax deductibility for long term care insurance premiums from $4,550 to $4,660.
Is insurance premiums for fire insurance an example of variable cost?
is insurance premiums for fire insurance an example of variable cost?
Is there any life insurance that has single digit premiums?
Life insurance premiums vary by policy. There are few that offer single digit premiums.
What are all the tax deductions this year concerning medication and Insurance?
I hope you mean the lack of tax deductions. The medical deductions are the same as they have been except the threshold has increased from 7.5% to 10% for most people. You can deduct insurance premiums you pay yourself with after-tax income. This means that the insurance you pay through your employers Section 125, Cafeteria, Section 403 employer, or other pre-tax plans are not deductible. You can claim your co-pays and deductibles but you can't deduct medical expenses paid by insurance.
What rights do an employee have if their company deducted insurance premiums from their pay but failed to pay the insurance premiums to the insurance company and the insurance was canceled?
Seek an Attorney.
Can you deduct insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
Can a nursing home owner seek reimbursement from medicare for insurance premiums paid for laibility insurance?
No, Medicare does not reimburse liability insurance premiums.
Can you deduct group insurance premiums on taxes?
Depends on how you paid the premiums. If you paid the premiums on a pretax basis, then you cannot declare the premiums. Many COBRA payments, retiree insurance payments and so on can be deducted.
Where can I find information on life insurance premiums?
You can find information of life insurance premiums, and what their purposes are by asking your current insurance company provider for information on it.
