medical

6 Tax Breaks for the 2016 to 2017 Tax Filing Season

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It is almost that time of year again….tax season! We have compiled a list of six tax breaks for the 2016-2017 tax season that will lower your taxes due and increase the amount of your refund.  The first topic is Earned Income Credit (EIC). The rules on this can be very confusing, but we are […]

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2016-2017 Medical Expense Deduction Income (AGI) Limit

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You are only allowed to deduct your medical/dental expenses if the total paid is at least 10% of your Adjusted Gross Income (AGI) and you must itemize your deductions. However, if you or your spouse are 65 or older, your threshold is reduced to 7.5% to meet the deduction requirement. This deduction is the hardest […]

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2017 vs 2016 HSA Contribution Limits and Tax Rules For High deductible Health Insurance Plans and Health Savings Accounts

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[Updated with latest HSA limits] Based on IRS figures, here are the latest 2016 and 2017 HSA limits.  The $50 increase in the 2017 HSA contribution limit for individuals is the only change from 2016. HSAs have risen in popularity thanks to health-care law changes and the increasing use of high-deductible health plans (see earlier updates below). […]

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