Dr. Friday explains why self-employed taxpayers on marketplace insurance can face repayment surprises. She stresses updating income estimates during the year to reduce end-of-year penalty risk.
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Tax questions
Health & insurance
Marketplace premiums, HSAs, medical deductions, and health coverage for the self-employed.
All topics
IRS letters & problems
Deadlines & filing
Deductions & credits
Small business & self-employed
Real estate & rentals
Retirement & Social Security
Family & education
Estate, gifts & inheritance
Investments & capital gains
Bookkeeping & payroll
Health & insurance
31 answers
Dr. Friday explains who may qualify for the small business health insurance credit and why planning matters. She also notes the two-year limit and the value of employee…
ListenDr. Friday explains why the premium tax credit through the Marketplace can be confusing and how it is based on your taxable income. She warns that income changes…
ListenDr. Friday explains how the Social Security wage base keeps rising and can increase payroll taxes for many workers. She also notes that Medicare tax stays uncapped, so…
ListenDr. Friday explains why she is a strong advocate for health savings accounts (HSAs), even though she doesn’t sell insurance. She describes how HSAs can grow and help…
ListenDr. Friday clarifies that while most inherited life insurance proceeds are tax-free, cashing in a whole life policy can result in taxable gains due to accumulated growth.
ListenDr. Friday reminds taxpayers enrolled in the health care marketplace to obtain their 1095-A form. She also discusses the importance of the IRS-issued IPN number for certain individuals.
ListenSelf-employed individuals, including partners and S-corporation employees, can deduct 100% of their health insurance premiums above the line. This tax benefit reduces taxable income while encouraging health coverage.…
ListenDr. Friday discusses the challenges of itemizing medical expenses on your tax return. To deduct medical costs, they must exceed 7.5% of your adjusted gross income. For example,…
ListenDr. Friday outlines the key differences between flex savings accounts (FSA) and health savings accounts (HSA). While FSAs allow a rollover of only $640, HSAs offer the benefit…
ListenDr. Friday breaks down how Medicare premiums are affected by IRMA (Income-Related Monthly Adjustment Amount). From real estate sales to large withdrawals, your taxable income can significantly impact…
ListenDr. Friday explains how to maximize your Dependent Care FSA before it expires at the end of the year. Unlike health savings accounts, FSAs have use-it-or-lose-it rules, with…
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