How Health Insurance Deductibles Can Reduce Your Premiums

Health insurance premiums are recurring expenses that have to be met consistently and on time in order to ensure proper coverage for medical expenses. In tough times like the recent recession, such recurring expenses can put a huge strain on finances causing many people to default on payments and leave themselves exposed to further financial burden when medical emergencies occur. [Read more…]

Don’t Forget Your Medical Expenses when Filing Taxes

When filing taxes, you should take advantage of all possible deductions and tax credits to minimize your liability. An important deduction that many people tend to ignore is medical expenses.

First of all, it is important to understand what is included and what is excluded from the IRA’s definition of ‘medical expenses”. Anything that you pay for doctors or dentists qualifies as a medical expense. If you had to spend some time in a hospital or if you paid for medical equipment and prescription medication, then you can add these expenses too. [Read more…]

Unemployment Tax Benefits that You Should Be Aware Of

Paying taxes is never pleasant, and the experience can be even worse when you are unemployed and trying to hold on to every dollar of your savings. But by judicious tax planning and careful application of the rules on deductions, you stand a good chance to get some much needed savings while filing your taxes. [Read more…]