Latest Posts
Top 10 One Piece Unsolved Mysteries
|
|
Article Source: http://EzineArticles.com/114485
Insurance for Your Business
The importance of insurance cannot be over-emphasized and neither can the danger of paying for insurance you don't need. It is strongly recommended you solicit the advice of an in-dependent business insurance agent. Don't forget to SHOP! Talk to three or four independent agents and compare notes and prices. An insurance agent will lay out a vast array of insurance coverage much of which you simply may not need. Your situation will be unique and you must consider each insurance element carefully to ensure comprehensive coverage.
Whatever your final insurance program looks like, you should review it at least every six months. Your business can change rapidly, especially in the first few years and insurance needs change with it. Keep your program up to date by calling in your agent and reviewing your coverage. Make changes where necessary.
LIABILITY INSURANCE
This is probably the most important element of your insurance program. Liability insurance provides protection from potential
losses resulting from injury or damage to others or their property. Just recall some of the big cash awards you have read about that have resulted from lawsuits concerning liability of one kind or another and you will understand the importance of this insurance. Your insurance agent can describe the various types of liability insurance coverage that are available. If you will end up with a comprehensive general policy, make certain that the general policy does not include items you don't need. Pay for only the insurance you need. For example, your business may not need product liability insurance.
Do not confuse business liability coverage with your personal liability coverage, both of which you need. Your personal coverage will not cover a business-generated liability. Check to be certain.
Compare the costs of different levels of coverage. In some cases a $2 million policy costs only slightly more than a $1 million policy. This economy of scale is true with most forms of insurance coverage. That is, after a certain value, additional insurance becomes very economical.
KEY PERSON INSURANCE
This type of insurance is particularly important for the sole proprietorship or partnership where the loss of one person through illness, accident, or death may render the business inoperative or severely limit its operations. This insurance, although not inexpensive, can provide protection for this situation. Key person insurance might also be necessary for others involved in your business.
SGC was a small firm run by three partners, a software programmer, marketer, and a general manager. Their product was a complex computer program used by aerospace firms. Al, the programmer, was involved in a severe automobile accident, became totally disabled, and SGC lost their programming capability. The problem was that the computer program written by Al was essentially the company's sole product. Modifications to accommodate the customer became impossible and the time to bring another programmer up to speed was excessive. SGC lost considerable business as a result of this situation. These losses could have been offset by key person insurance.
DISABILITY INSURANCE
You, as a business owner, should be covered by disability insurance whether or not you decide on key person insurance. This insurance, along with business-interruption insurance, described below, will help ensure your business will continue to operate in the unfortunate situation where you are unable to work. Your disability insurance policy needs to provide satisfactory coverage. Particular attention should be paid to the definition of "disability," delay time until payments start, when coverage terminates, and adjustments for inflation.
FIRE INSURANCE
Fire insurance, like all insurance is complicated and you should understand what IS and IS NOT covered. For example, a typical fire insurance policy covers the loss of contents but does not cover your losses from the fact that you may be out of business for 2-months while your facility is rebuilt. Fire insurance is mandatory whether you're working out of a home office or you have a separate facility. You should discuss a comprehensive policy with your agent. Take the time to understand the details. For example, will the contents be insured for their replacement value or for actual value at the time of loss?
Consider a co-insurance clause that will reduce the policy cost considerably. This means that the insurance carrier will require you to carry insurance equal to some percentage of the value of your property. (Usually around 85%.) With this type of clause it is very important that you review coverage frequently so you always meet the minimum percentage required. If this minimum is not met, a loss will not be paid no matter what its value.
If you are working out of your home, your existing homeowner's policy may not cover business property. If this is the case, have your insurance agent to add a home-office rider to your policy.
AUTOMOBILE INSURANCE
You probably already have automobile insurance but it might not include business use of your vehicle. Make sure that it does.
WORKER'S COMPENSATION INSURANCE
If you make the decision to hire employees, you will be required, in most states, to cover them under worker's compensation. The cost of this insurance varies widely and depends on the kind of work being performed and your accident history. It is important that you properly classify your employees to secure the lowest insurance rates. Work closely with your insurance agent.
BUSINESS INTERRUPTION INSURANCE
This protects against loss of revenue as the result of property damage. This insurance would be used, for instance, if you could not operate your business during the time repairs were being made as a result of a fire or in the event of the loss of a key supplier. The coverage can pay for salaries, taxes, and lost profits.
CREDIT INSURANCE
This will pay for unusual losses as the result of nonpayment of accounts receivables above a certain threshold. As with all policies, you must thoroughly understand the details so discuss it with your insurance agent. One of the largest providers of this coverage is American Credit Indemnity, Baltimore, MD. (800) 879 1224.
BURGLARY/ROBBERY/THEFT INSURANCE
Comprehensive policies are available that protect against loss from these perils, including by your own employees. Make certain you understand what is excluded from coverage.
RENT INSURANCE
This policy covers the cost of rent for other facilities in the event your property becomes damaged to the extent that operations cannot continue in your normal location.
DISABILITY INSURANCE
This insurance will pay you an amount each month slightly less than your current salary in the event you become disabled and are unable to work. Cost for this coverage varies considerably depending on your profession, salary level, how quickly benefits start, and when they end. Benefits paid are tax-free only if you, not your company, pay the premiums.
This list could be continued since it is possible to purchase insurance for just about any peril you can imagine ... if you can pay the premium! When considering your insurance coverage, use the following checklist:
INSURANCE COVERAGE CHECKLIST:
o Can you afford the loss?
o What coverage is required by Federal, state, or local law?
o What SPECIFIC items are covered by the policy?
o Are items to be insured for their replacement cost or original value?
o What SPECIFIC items are EXCLUDED by the policy?
o If there is a co-insurance clause, do you have adequate coverage?
o Have you chosen deductibles wisely in order to minimize costs?
o Do any of the policies you are considering duplicate or overlap one another?
o Do you need any insurance based on location, e.g., flood, earthquake?
Use the following checklist to review your insurance plans:
INSURANCE PLAN CHECKLIST:
o Employ an independent insurance agent rather than going to individual insurance companies. Ensure the agent shops for your insurance.
o Talk to and get quotations from at least THREE agents and pick the best one for you.
o Use money saving comprehensive policies, if possible.
o Perform periodic (every 6-months) reviews of your insurance program.
o Have business assets professionally appraised to determine coverage needs.
o Ensure existing personal insurance coverage includes business-related activities and add riders as necessary or obtain additional coverage.
http://www.TotalBusiness.com is a Website that provides business owners with the information they need in order to successfully start, manage, grow, and sell their businesses.
The site features over 3,000 articles and 60 guides on business topics such as starting a business, financing a business, sales and marketing, building a website, setting up an office, hiring employees, and selling a business. The site also contains articles on legal and accounting issues affecting businesses and allows business owners and entrepreneurs to get free expert advice from local lawyers or accountants. The site contains over 1,000 business forms and agreements that are helpful to business owners and provides a business directory with over 1,700 merchants who provide services specifically for small businesses.
Eran Salu, JD,MBA,CPA is the Founder and CEO of TotalBusiness.com
insurance
|
|
Article Source: http://EzineArticles.com/114485
Le coup de sang de Léo Messi lors de son accrochage avec Mapou Yanga-Mbiwa
Expulsé samedi face au Sporting pour un tacle insensé, Mapou Yanga-Mbiwa a bien failli en venir aux mains avec Lionel Messi mercredi soir lors du match amical entre le Barça et la Roma au Camp Nou.
L’ancien Montpelliérain a repoussé de la tête l’Argentin, qui ne s’est pas laissé et a alors tenté de l’étrangler ! Heureusement, les deux hommes ont vite été séparés… 555
Hopkins! There's no Place like Loam This is what Brown Pow looks like in the wild and Hopkins knows how to ride it... Ich warte ja noch auf die anti suntour Kommentare ^^
I'm So Jealous Of What These Friends Got To Do On A Bobsled Track
I'm So Jealous Of What These Friends Got To Do On A Bobsled Track
FERAL RUSHES - Andreu Lacondeguy
Mit 70 km/h in die Falle : Health Insurance Deductible
cars insurance
Kiwis would be lost without our cars: they’re an essential part of our everyday lives. So protect your vehicle with car insurance… and if you think you won’t ever need car insurance because your car isn’t worth much, could you afford to pay for repairs to a BMW if you accidentally hit one? Car insurance is there to protect you.
Emergency breakdown cover: many car insurance policies come with free emergency breakdown cover, for peace of mind.
Windscreen cover: unsealed roads and windscreens don’t go well together. So if your windscreen is damaged, then replacement cover is included in your car insurance policy.
Trailers and caravans: can be included in the vehicle insurance policy.
Rental cars: rental vehicles can also be included in your vehicle insurance policy.
No claims bonus protection: if you don’t make any claims for two years, you’ll receive discounted car insurance premiums. And many insurers even let you protect this discount so you don’t lose it if you do have to make a claim. Some insurers even offer a lifetime no claims bonus.
Contact us for a quote on your car insurance.
Please review the relevant policy wordings and insurance certificates for terms and conditions and cover limits. These are available upon request from Newpark General.
http://newparkgeneral.co.nz/what-we-do/personal-insurance/car-insurance
2015 Duryea Downhill GES ESC Video
Video: Downmall 2015 - Holding a Mountain Bike Competition in a Shopping Mall
Shoppers in one such mall in Berlin got to witness it first hand recently as riders zipped down escalators and performed tricks an an atrium before a large crowd of onlookers. The video below captures some of that action, which looks cramped and confining, but fun none the less.
http://theadventureblog.blogspot.com/2015/02/video-downmall-2015-holding-mountain.html
life insurance
life insurance is the simple contrat between an insured and an ansurer
it is creat frome the company,to give the liberty for the person.
this contrat generate,all the opération and the condition, then the insured and the insurer are obliged todoeing
the lif assurance is trouved to facilate the communication between the citoeyn and the service public
the insurer is obliged to pay some many for the insured( company benificyar) for this offers
source life insurance
term life insurance
life insurance quote
source life insurance quotes
automatic 2009 Honda fit . It has only 73,000miles. It is a fuel-efficient car!
All conditions are verygood.
Year: 2009
Make: honda
Model: fit
Options: CD Player, mp3, aux.
Engine: 4cyl VTEC,1.5 liter
All Power Options: Air Conditioning
hablo espanol!!
PRECIO NEGOCIABLE (BEST OFFERT) ACUALQUIER PRUEBA DE
MANEJO (to ANY TEST DRIVE)
in garland tx price $5400
BAY TO
https://www.facebook.com/adan.sanchez.161
At comparethemarket.com we provide insurance quotes for a wide range of cars. So whether you drive an Alfa or a Volvo
Why compare car insurance with us?
– or most motors in between – take a look at the links below and start your journey to insuring your car. We try to provide car insurance for as many manufacturers as possible. If the car you own isn’t listed here, don’t worry: get in contact with us, tell us how you roll and we’ll see what we can do.
Whether you’re looking for fully comprehensive motor insurance to third party only, we could help you save money - it could be up to £230 (50% of consumers could achieve this saving with comparethemarket.com Motor Insurance)^.
28% of consumers achieved an average saving of £434 with comparethemarket.com Motor Insurance.^
^ Based on Online independent research by Consumer Intelligence during June 2014.
Why compare car insurance with us?
http://www.comparethemarket.com/car-insurance/
Being uninsured impacts both your finances and your health. You can’t eliminate all of the risks associated with being uninsured, but you can decrease some of them and you can plan to manage others. This tool kit will help you prepare to be uninsured.
The Affordable Care Act’s individual mandate requires that Americans have health insurance or pay a penalty tax when they file their federal income taxes. You can’t be put in jail for not paying the penalty, and the IRS can’t put a lien on your property to collect it. It can, however, withhold the penalty from your tax refund. It may have other ways to encourage you to pay.
If you’re uninsured, you need to either budget for the penalty tax, be prepared to go head-to-head with the IRS if you don’t pay it, or get an exemption from the individual mandate’s penalty.
Get an exemption. Several things will qualify you for a health insurance exemption, allowing you to avoid the penalty even though you go without health insurance. Learn who’s eligible, what types of things will qualify you, and how to apply in, “Can You Get a Health Insurance Exemption?” and “How To Get a Hardship Exemption.”
Budget for emergencies. When you go without health insurance, you have nothing but your own resources to rely on for your medical expenses. If you can manage an emergency savings fund, it will be very helpful if you get seriously ill or injured. But, even if you can’t put aside a large emergency fund, you’ll still weather unexpected financial emergencies better if you strategize and prepare yourself in advance. Learn more from Miriam Caldwell, About.com’s Expert on Money in Your Twenties in, “Planning for Financial Emergencies.”
Plan for getting health care. You will get sick. You will have injuries. Strategize in advance for dealing with these things.
Find out where your closest Community Health Center or free clinic is, and learn how to use it. Learn where your closest urgent care center is so you’re not stuck using an emergency room if a problem comes up on a weekend. Budget for and use community low-cost resources to get yearly mammograms, pap smears, flu shots, and even a colonoscopy when you turn 50. This stuff could save your life or prevent financial disaster; take it seriously and make it a priority.
Learn how to negotiate health care bills. Since you’re going to be paying medical bills out-of-pocket, you should negotiate discount rates whenever possible. Ask about discounts for paying cash in advance if you’re able to or about setting up a payment plan if the bill is large.
If you need the services of a hospital, be aware that most hospitals have a rack rate, a lower self-pay rate, and an even lower charity rate. You’ll have to ask what the charity rate is and how to qualify for it since many hospitals won’t volunteer the information. Even if you don’t qualify for it, knowing what the charity rate is will help you negotiate more effectively since you’ll know the bottom line.
Learn more in, “How To Negotiate Medical Bills” from Erin Huffstetler, About.com’s Expert on Frugal Living.
Consider alternatives to health insurance like a Discount Medical Plan Organization or a health care sharing ministry. Discount Medical Plan Organizations provide pre-negotiated discounts to their members for a monthly fee. They’re an option if you’re uncomfortable negotiating your own self-pay discount. If you’re good at negotiating, you might negotiate a better deal yourself than the DMPO could negotiate.
Health care sharing ministries are religion-based groups of people that assist each other with paying medical bills. This is not free health care. You’re expected to help other members pay their medical bills just as they will help you pay yours. As an added benefit, your membership in a qualified health care sharing ministry qualifies you for a health care exemption. Learn more from The Alliance of Health Care Sharing Ministries.
Develop healthy lifestyle habits. Your lifestyle choices either mitigate or accentuate the risks you take when you go without health insurance. If you’d like to decrease those risks, then be extra careful with your lifestyle choices. Drink alcohol only in moderation. Don’t smoke. Don’t use recreational drugs. Eat a healthy diet. Maintain a healthy weight.
Get exercise. Aim for a mix of heart-thumping aerobic exercise; strengthening, muscle-building work outs; weight-bearing exercise to keep your bones strong; and stretching, flexibility-promoting work outs.
Don’t blow-off preventive care just because you’re uninsured. For example, you can still do your monthly breast self exam (even if you're a man) or testicular self-exam and get a flu shot at your local pharmacy or community clinic.
Make a health care advanced directive. Consider this scenario: you’re uninsured. You don’t have a ton of money in savings. Something horrible happens to you. You have an accident; you have a stroke; maybe you have Lou Gehrig’s disease. Whatever the cause, you’re not able to take care of yourself and you can’t even communicate.
Now, the person who most loves you comes into the picture. Maybe it’s a parent, an adult child, a sibling or a lover. He or she has to deal with your tragedy and try to get you the health care that you need even though you don’t have sufficient resources to pay for it and you don’t have health insurance. She may face financial ruin herself through trying to care for you.
She has to make very difficult decisions, life and death decisions, about your care. She’s likely to carry the emotional effects of having to make those decisions for the rest of her life.
Take some of the decision-making burden off of her shoulders by making an Advanced Directive for Health Care, talking about it with her, and making sure she knows where it’s kept. Trisha Torrey, About.com’s Expert on Patient Empowerment will show you how to
omplish this.
Find out where your closest Community Health Center or free clinic is, and learn how to use it. Learn where your closest urgent care center is so you’re not stuck using an emergency room if a problem comes up on a weekend. Budget for and use community low-cost resources to get yearly mammograms, pap smears, flu shots, and even a colonoscopy when you turn 50. This stuff could save your life or prevent financial disaster; take it seriously and make it a priority.
Learn how to negotiate health care bills. Since you’re going to be paying medical bills out-of-pocket, you should negotiate discount rates whenever possible. Ask about discounts for paying cash in advance if you’re able to or about setting up a payment plan if the bill is large.
If you need the services of a hospital, be aware that most hospitals have a rack rate, a lower self-pay rate, and an even lower charity rate. You’ll have to ask what the charity rate is and how to qualify for it since many hospitals won’t volunteer the information. Even if you don’t qualify for it, knowing what the charity rate is will help you negotiate more effectively since you’ll know the bottom line.
Learn more in, “How To Negotiate Medical Bills” from Erin Huffstetler, About.com’s Expert on Frugal Living.
Consider alternatives to health insurance like a Discount Medical Plan Organization or a health care sharing ministry. Discount Medical Plan Organizations provide pre-negotiated discounts to their members for a monthly fee. They’re an option if you’re uncomfortable negotiating your own self-pay discount. If you’re good at negotiating, you might negotiate a better deal yourself than the DMPO could negotiate.
Health care sharing ministries are religion-based groups of people that assist each other with paying medical bills. This is not free health care. You’re expected to help other members pay their medical bills just as they will help you pay yours. As an added benefit, your membership in a qualified health care sharing ministry qualifies you for a health care exemption. Learn more from The Alliance of Health Care Sharing Ministries.
Develop healthy lifestyle habits. Your lifestyle choices either mitigate or accentuate the risks you take when you go without health insurance. If you’d like to decrease those risks, then be extra careful with your lifestyle choices. Drink alcohol only in moderation. Don’t smoke. Don’t use recreational drugs. Eat a healthy diet. Maintain a healthy weight.
Get exercise. Aim for a mix of heart-thumping aerobic exercise; strengthening, muscle-building work outs; weight-bearing exercise to keep your bones strong; and stretching, flexibility-promoting work outs.
Don’t blow-off preventive care just because you’re uninsured. For example, you can still do your monthly breast self exam (even if you're a man) or testicular self-exam and get a flu shot at your local pharmacy or community clinic.
Make a health care advanced directive. Consider this scenario: you’re uninsured. You don’t have a ton of money in savings. Something horrible happens to you. You have an accident; you have a stroke; maybe you have Lou Gehrig’s disease. Whatever the cause, you’re not able to take care of yourself and you can’t even communicate.
Now, the person who most loves you comes into the picture. Maybe it’s a parent, an adult child, a sibling or a lover. He or she has to deal with your tragedy and try to get you the health care that you need even though you don’t have sufficient resources to pay for it and you don’t have health insurance. She may face financial ruin herself through trying to care for you.
She has to make very difficult decisions, life and death decisions, about your care. She’s likely to carry the emotional effects of having to make those decisions for the rest of her life.
Take some of the decision-making burden off of her shoulders by making an Advanced Directive for Health Care, talking about it with her, and making sure she knows where it’s kept. Trisha Torrey, About.com’s Expert on Patient Empowerment will show you how to
omplish this.
http://healthinsurance.about.com/od/healthinsurancebasics/fl/Prepare-to-Be-Uninsuredmdasha-Tool-Kit-for-Going-Without-Health-Insurance.htm
Is Health Insurance Tax Deductible?
If your health insurance is tax deductible, taking a tax write-off for health insurance premiums can have a big impact on how much you owe Uncle Sam. However, the rules about when health insurance is tax deductible and how much can be deducted are complicated. Here’s a primer on the tax deduction for health insurance.
When Health Insurance Isn’t Tax Deductible
You can’t take a tax deduction for health insurance unless you paid for it.
If someone like an employer or the government pays your health insurance premiums, those premiums aren’t deductible. If your employer pays part of your health insurance premiums and you pay the other part, you can’t claim a deduction for the part your employer paid.
Did you buy individual or family health insurance on an Affordable Care Act health insurance exchange? Any advanced-payment subsidy money that decreased the cost of your health insurance premiums can’t be claimed as a deduction. While the advanced-payment subsidy money can’t be claimed as a deduction, the premium money you paid out of your own pocket might be deductible. You’ll learn more about that later.
You can’t take a deduction for health insurance you paid for with pre-tax money.
Health Insurance Deductible
The premiums you pay for job-based health insurance usually come out of your paycheck before your income taxes are calculated. This makes your income appear smaller, similar to the way money you contribute to your 401(K) retirement savings makes your income appear smaller. Since these premiums were paid with pre-tax money, they’re already income-tax-free; you can’t claim them as a deductible expense.
Not sure if your health insurance premiums are taken out of your paycheck pre-tax or after-tax? You can either ask your payroll department, or do a bit of math. If your premiums are paid with pre-tax money, that money won’t be included as income on your W-2. If your premiums are paid with after-tax money, that money will be included as income on your W-2. If your premiums weren’t included as income on your W-2, you can’t take them as a deduction because they’re already tax-free.
When Health Insurance Is Tax Deductible
If you’re self-employed, your health insurance premiums may be deductible.
If you’re self-employed and not eligible for an employer-sponsored health plan through your spouse’s job, you may be able to write-off your health insurance premiums. You can’t write off more in health insurance premiums than you earned, though.
Rather than listing your health insurance premiums with your other tax deductions on Schedule A, when you’re self-employed they’re considered an adjustment to your income and listed on the first page of Form 1040. This has the effect of decreasing your overall income.
In some ways, this adjustment-to-income approach is better than a traditional deduction.
If you don’t itemize your deductions, you’ll still benefit from the income-adjustment for your health insurance premiums.
Many deductions are phased out at higher income levels. Decreasing your income by the amount of your yearly health insurance premiums may help you stay beneath the phase-out level for other deductions.
Many deductions can only be taken if they exceed a certain percentage of your income. The smaller your income appears, the easier it is to exceed that threshold and claim those deductions.
Learn more about the tax write-off for health insurance for the self employed from About.com's Tax Planning Expert in "Self-Employment Health Insurance Deduction."
If you paid your health insurance premiums with your own after-tax money, they’re deductible.
For example, if you bought an individual or family health insurance policy on your state’s health insurance exchange or directly from an insurance company, the money you paid toward your monthly health insurance premiums can be taken as a tax deduction. You’ll list this deduction as a medical expense on Schedule A of Form 1040. However, the deduction may be limited. You'll learn more about this limitation below.
Some Medicare premiums are tax deductible.
Medicare Part B, Part D prescription coverage, and Medigap supplemental premiums are deductible.
Medicare Part A premiums are a bit trickier. If you’re covered under social security, you get Medicare Part A automatically because you or your spouse paid payroll taxes for it while you were working. This is the case for most people, and in this case, there’s nothing you can deduct for Medicare Part A.
You may be able to deduct your Medicare Part A premiums, however, if you and your spouse:
didn’t pay Medicare taxes while you were working, and
you’re not covered under social security, and
you voluntarily enrolled in Medicare Part A, and
you pay monthly Part A premiums.
The Amount of Your Health Insurance Tax Deduction Is Limited
If you’re able to take a write-off for health insurance, there are limits to how much of your premiums you can write off.
If you’re taking your health insurance as a medical-expense deduction on Schedule A, you can only deduct medical expenses that exceed 10% of your adjusted gross income. (Until 2017, this figure is only 7.5% for seniors age 65 and older.)
Add up your health insurance premiums and all of your eligible unreimbursed medical expenses like your deductible, copays, and coinsurance. If all of those together are greater than 10% of your adjusted gross income, you can deduct the part that exceeds 10% of your income. Learn more about the medical-expense deduction, including what other expenses count toward it, in "How To Write Off Medical Expenses as a Tax Deduction."
If you’re self-employed and claiming the self-employed health insurance deduction on Form 1040, you don’t have to exceed the 10% mark because you’re writing the premiums off as an adjustment to your income rather than as a deduction. In your case, the amount you can claim is limited by your profitability. You can’t claim an adjustment to your income for health insurance premiums that are larger than your income.
Not sure if your health insurance premiums are taken out of your paycheck pre-tax or after-tax? You can either ask your payroll department, or do a bit of math. If your premiums are paid with pre-tax money, that money won’t be included as income on your W-2. If your premiums are paid with after-tax money, that money will be included as income on your W-2. If your premiums weren’t included as income on your W-2, you can’t take them as a deduction because they’re already tax-free.
When Health Insurance Is Tax Deductible
If you’re self-employed, your health insurance premiums may be deductible.
If you’re self-employed and not eligible for an employer-sponsored health plan through your spouse’s job, you may be able to write-off your health insurance premiums. You can’t write off more in health insurance premiums than you earned, though.
Rather than listing your health insurance premiums with your other tax deductions on Schedule A, when you’re self-employed they’re considered an adjustment to your income and listed on the first page of Form 1040. This has the effect of decreasing your overall income.
In some ways, this adjustment-to-income approach is better than a traditional deduction.
If you don’t itemize your deductions, you’ll still benefit from the income-adjustment for your health insurance premiums.
Many deductions are phased out at higher income levels. Decreasing your income by the amount of your yearly health insurance premiums may help you stay beneath the phase-out level for other deductions.
Many deductions can only be taken if they exceed a certain percentage of your income. The smaller your income appears, the easier it is to exceed that threshold and claim those deductions.
Learn more about the tax write-off for health insurance for the self employed from About.com's Tax Planning Expert in "Self-Employment Health Insurance Deduction."
If you paid your health insurance premiums with your own after-tax money, they’re deductible.
For example, if you bought an individual or family health insurance policy on your state’s health insurance exchange or directly from an insurance company, the money you paid toward your monthly health insurance premiums can be taken as a tax deduction. You’ll list this deduction as a medical expense on Schedule A of Form 1040. However, the deduction may be limited. You'll learn more about this limitation below.
Some Medicare premiums are tax deductible.
Medicare Part B, Part D prescription coverage, and Medigap supplemental premiums are deductible.
Medicare Part A premiums are a bit trickier. If you’re covered under social security, you get Medicare Part A automatically because you or your spouse paid payroll taxes for it while you were working. This is the case for most people, and in this case, there’s nothing you can deduct for Medicare Part A.
You may be able to deduct your Medicare Part A premiums, however, if you and your spouse:
didn’t pay Medicare taxes while you were working, and
you’re not covered under social security, and
you voluntarily enrolled in Medicare Part A, and
you pay monthly Part A premiums.
The Amount of Your Health Insurance Tax Deduction Is Limited
If you’re able to take a write-off for health insurance, there are limits to how much of your premiums you can write off.
If you’re taking your health insurance as a medical-expense deduction on Schedule A, you can only deduct medical expenses that exceed 10% of your adjusted gross income. (Until 2017, this figure is only 7.5% for seniors age 65 and older.)
Add up your health insurance premiums and all of your eligible unreimbursed medical expenses like your deductible, copays, and coinsurance. If all of those together are greater than 10% of your adjusted gross income, you can deduct the part that exceeds 10% of your income. Learn more about the medical-expense deduction, including what other expenses count toward it, in "How To Write Off Medical Expenses as a Tax Deduction."
If you’re self-employed and claiming the self-employed health insurance deduction on Form 1040, you don’t have to exceed the 10% mark because you’re writing the premiums off as an adjustment to your income rather than as a deduction. In your case, the amount you can claim is limited by your profitability. You can’t claim an adjustment to your income for health insurance premiums that are larger than your income.
http://healthinsurance.about.com/od/savingmoneyonhealthcare/fl/Is-Health-Insurance-Tax-Deductible.htm
Subscribe to:
Posts
(
Atom
)
Popular Posts
-
I'm So Jealous Of What These Friends Got To Do On A Bobsled Track
I'm So Jealous Of What These Friends Got To Do On A Bobsled Track -
Health Insurance deductible Premiums View Are They Tax Deductible ??
Health Insurance deductible Premiums Welcome in Insurance deductible Premiums Blog By ~ Insurance deductible ~, is Insurance deductible ... -
FERAL RUSHES - Andreu Lacondeguy
FERAL RUSHES - Andreu Lacondeguy -
Health Insurance: 54% of French favor the spread of third-party payment
health insurance deductible According to a survey published in Ouest-France, the French largely supports the proposed genera... -
Why compare car insurance with us?
At comparethemarket.com we provide insurance quotes for a wide range of cars. So whether you drive an Alfa or a Volvo ... -
How to stop illness or accident controls the medical officer working in case?
how do health insurance deductibles work How to stop illness or accident controls the medical officer working in case? Mutual Health... -
Worldwide Health Options
Worldwide Health Options is our flexible insurance plan for individuals and families. It's a modular plan that allows you to mix and m... -
Insurance: less MRI, maternity leave and hospitalizations (report)
what is health insurance deductible Before the examination of the social security budget in September, health insurance explore... -
Turns Out...Raccoons Are Actually Not Only Adorable, But Talented, Too!
I'm So Jealous Of What These Friends Got To Do On A Bobsled Track -
Video: Downmall 2015 - Holding a Mountain Bike Competition in a Shopping Mall HD
Video: Downmall 2015 - Holding a Mountain Bike Competition in a Shopping Mall ...
