CPA EXPLAINS How To Deduct ALL Medical Expenses 🏥 From Taxes

Рет қаралды 15,831

Күн бұрын

Пікірлер: 42

@HaywoodMerricks Жыл бұрын

We were advised that HSA's are not available to govt retirees. If true, so be it. If not, how should we proceed? We do deduct our medical expenses as we meet the 7.5% threshold. However the HSA option would be very useful as we are in are 70's and are incurring medical related expenses that may or may not meet IRS criteria. The HSA option would be much preferred as it appears to be a more flexible, more comprehensive way to recapture some of our cost.

@ExplorandoJapon Жыл бұрын

Well explained thank you. Yes, indeed I could like to know more about the HSA that have an investment opinion. Thank you.

@mycpacoach 4 ай бұрын

Yes, watch this: kzbin.info/www/bejne/j2XWo2VrZ9B0d8U

@QrooSpanish 9 ай бұрын

Great video! You have a new subscriber here!

@heavenly213 2 ай бұрын

If a company adds corporate massage therapy as a wellness plan, would they be able to use it as a business tax write off.

@Hammett1969 Жыл бұрын

Can you writeoff self employed health income if you only have passive income (mineral royalties)?

@K71090 Ай бұрын

What about Optical insurance and Urgent Care payment?

@adrienned5640 3 ай бұрын

Great video. I would like a separate video on HSA. TY

@Nezukoluvs 6 ай бұрын

For the itemized deduction what is it that needs to be submitted to irs for proof. Receipts or itemized receipt with procedure codes?

@1971Brena Жыл бұрын

Hello, I was under the impression that to use an HSA you have to be enrolled in a high deductible medical plan through your job and the account is set up that way and not just to transfer money from your bank account as mentioned. Am I mistaken or misinformed? Can you elaborate more on the subject? Thank you

@mycpacoach Жыл бұрын

Yes, you must have a "high deductible" plan to qualify for an HSA. However, it does not have to be done through your job.

@terrychawa7847 10 ай бұрын

So if I have my medical bills. How do I apply them to my tax return?

@rcman0730 9 күн бұрын

What if your business is rental real estate and receives only passive income?

@kingbb1 4 ай бұрын

More info on HSA’s please! Do you have to have a HSA health ins plan to be eligible for HSA account and writeoff?

@mycpacoach 4 ай бұрын

You're just in time. I just published an in-depth video going over HSAs in more detail. Here's the link: kzbin.info/www/bejne/j2XWo2VrZ9B0d8U

@justinwlazlo 9 ай бұрын

I’m exclusively self-employed through Spark, Instacart, etc… and I’m also a student who has to carry health insurance through the university. (Premium payments get added to my tuition) Am I allowed to write my insurance premiums off?

@mycpacoach 9 ай бұрын

If you pay the tuition, I would look into reimbursing yourself from the business for it. Upon doing so, you may be able to write it off.

@Josy8289 9 ай бұрын

Self employed 1 member business owner here 👋 Would like details on HRA for C-corp and s-corp and LLC

@mikeberhane 8 ай бұрын

Thank you for the breakdown. I have medical expense from past years in 2021 and 2022 that I did not claim at that time. Can I ask for adjustment of Medical expense claims for the past years?

@vistasuprema 9 ай бұрын

I would love to know more about writing off Health Insurance Premiums as a self employed business owner, more specifically, if you are taking an advanced tax credit toward your premium costs, can you write off the remaining premium costs that you pay out of pocket still?

@mycpacoach 9 ай бұрын

You should be able to.

@MLeigh-ph4hw 4 ай бұрын

I lived outside the country at one moment and visited doctors and hospitals there. It was the best care I’ve ever received. I would like to open an HSA and fund it to return to that country at least once a year for a full health screening and see those same doctors. Can I write off my travel expenses and medical costs? If so, What are the particular documents from doctor or hospital required by the IRS? I currently live and work in US but I’m a 1099 employee and not offered health insurance atm. I’d like to know if this is even an option lol 😂 Thank you for your expertise in advance 🙏🏽

@kenjewell4949 3 ай бұрын

I am self employed and have health insurance through the VA and through my wife's insurance through her employment. Her employer pay half of the insurance leaving my wife to have the other half deducted off her pay. Is it possible to write off those premiums deductions some how? Can I have an hra pay her half because I'm on the policy too?

@elainejones3396 8 ай бұрын

How much do you charge to fill taxes on the scorp only employee?

@mycpacoach 8 ай бұрын

Average is between $1-2K depending on complexity.

@purplepalette9949 10 ай бұрын

Does the health insurance need to be paid through your business account in order to count for the write-off?

@mycpacoach 10 ай бұрын

Negative. Though, it would be ideal.

@elizabethstein7224 6 ай бұрын

I also would love to know more about HSA’s and properly writing off medical and health related expenses as a self-employed business owner. Also be interested in learning more about your service. Do you work with people that have lived overseas and have foreign taxes as well? I’m currently in the USA and am originally a USA citizen thank you.

@mycpacoach 4 ай бұрын

Hey Elizabeth, you can learn more about HSAs here: kzbin.info/www/bejne/j2XWo2VrZ9B0d8U Also, yes we have worked with people who have lived overseas. You can schedule a free consult with us to determine fit on our website.

@hollihatfield7241 10 ай бұрын

Hello, Can an employer pay for employee health insurance premiums with the business owner's HRA? How can an individual's HSA which resides within a Trust, pay for private health insurance monthly premiums?

@Harperable 4 ай бұрын

This is great! But could you do a vid on a person who is making under 50k a year 😅 HSA / Able account for disabled people who have a disabled child?

@connorg5112 3 ай бұрын

Does **dental** count as health?

@mycpacoach 3 ай бұрын

It can.

@ellhullio26 8 ай бұрын

Question; i had to pre-pay $800 for a dental procedure (paid with credit), and my employers insurance covered the other $800 (To me thats alot of money)... Is there a way to claim that on my 1040 tax return?

@mycpacoach 8 ай бұрын

Only if you itemize. For most people, the standard deduction is more beneficial. If your itemized deductions exceed the standard (about $14K) then it may make more sense.