Watson CPA Group - Knowledgebase


Medical, Health Insurance
What are qualified medical expenses?
By Jason Watson (Google+) Qualified medical expenses are the costs of diagnosis, cure, mitigation, treatment or prevention of disease, and the costs for treatment affecting any part or function of the body. They include the costs of equipment, supplies and diagnostic devices needed for these...
16 Oct, 2012 Views: 0 Comments: 0
Can I use my IRA to pay for medical bills without penalty?
By Jason Watson (Google+) Yes and No. You can only deduct medical expenses that exceed 7.5% of your adjusted gross income. So, the logic follows that if you use your IRA to pay for medical expenses, you will pay a penalty on the 7.5% equivalent. Here’s an example. Let’s say you had an...
16 Oct, 2012 Views: 0 Comments: 0
Why can't I deduct health insurance premiums?
By Jason Watson (Google+) You can. In two scenarios. First, if you are self-employed there are provisions allowing you to deduct the cost of health insurance premiums. Second, if your health insurance premiums are paid out-of-pocket as an after-tax expenses. Typically most taxpayers are...
03 Oct, 2018 Views: 0 Comments: 0