The following list comes to you from the folks over at eHealthInsurance.com: New this year! Take a one-time opportunity to reduce your self-employment taxes – In addition to the standard ‘above the line’ deduction described below, self-employed persons can also deduct the cost of their health insurance premiums from their self-employment taxes on Schedule SE. This is a one-time-only opportunity available for 2010 taxes, so if you’re self-employed be sure to take advantage of it. Image via Wikipedia Deduct health insurance premiums as a business expense – If you had self-employment income, you may also be able to deduct health insurance premiums you paid for yourself and your dependents as an ‘above the line’ business expense (that is, without itemizing) on your federal tax return. Be aware, however, that you may not deduct premiums paid for any month in which you were eligible to participate in an employer-sponsored health insurance […]
health plans
March 15 is the Deadline for FSA Claims
If you’re a participant in your employer’s Flex-Spending Account plan (FSA), whether for health-care or dependent care cost reimbursement, you have a limited amount of time to claim the monies that have been set aside in your plan. The way these plans work is that you voluntarily decrease your income by a certain amount, generally paycheck by paycheck, and that amount is placed in a separate account. Over the course of the calendar year, you can request reimbursement from your FSA funds for qualified expenses that you’ve incurred. If it’s a health-care FSA account, you can request reimbursement for your healthcare deductibles, co-payments, and co-insurance costs – literally any health-care expense that is not covered (paid) by other insurance. There are limits, though: beginning with 2011, you cannot be reimbursed for non-prescription (over the counter) medications. If the FSA account is for dependent-care expenses, you can request reimbursement for your […]
Sterling Raskie, MSFS, CFP®, ChFC®
The latest in our Owner’s Manual series, A 401(k) Owner’s Manual, was published in January 2020 and is available on 
A Medicare Owner’s Manual, is updated with 2020 facts and figures. This manual is available on 
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Sterling’s first book, Lose Weight Save Money, can be 
An IRA Owner’s Manual, 2nd Edition is available for purchase on Amazon. Click the link to choose the 
Jim’s book – A Social Security Owner’s Manual, is now available on Amazon. Click this link for the 
And if you’ve come here to learn about queuing waterfowl, I apologize for the confusion. You may want to discuss your question with Lester, my loyal watchduck and self-proclaimed “advisor’s advisor”.