Tax questions
Marketplace premiums, HSAs, medical deductions, and health coverage for the self-employed.
One-minute answer
Health & insurance
For self-employed individuals, HSAs offer a strategic way to reduce taxable income and save for future medical expenses. In 2024, contribution limits are $4,150 for individuals and $8,300…
ListenIn this episode, Dr. Friday emphasizes the benefits of health insurance for the self-employed, noting that premiums are 100% tax-deductible. She also highlights the advantages of Health Savings…
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Health & insurance
Dr. Friday highlights the importance of understanding how selling assets can affect Medicare IRMAA (Income-Related Monthly Adjustment Amount) for individuals over 67 who are on full social security.…
ListenDr. Friday emphasizes the enduring value of Health Savings Accounts (HSAs) for both single and married individuals. For 2023, the contribution limits are set at $3,850 for singles…
ListenDr. Friday addresses the complexities of maximizing medical deductions on tax returns. She outlines the initial hurdle of surpassing 7.5% of adjusted gross income before itemizing deductions, a…
ListenDr. Friday, the President of Dr. Friday's Tax and Financial firm, emphasizes the importance of understanding the intricate relationship between taxes and Medicare IRMA, especially for those over…
ListenWelcome to another episode of the Dr. Friday Radio Show! In this episode, tax expert Dr. Friday has invited Nathan Wright from https://medi65.com back to the show. Below…
#Medicare Enrollment#Medicare Advantage Plans#Medigap Coverage#Medicare Plan Comparisons
ListenHealth savings account. I am a huge advocate for self employed, especially since some employers offered Health Savings Accounts HSA, and you can contribute up to 6850 for…
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Bookkeeping & payroll
For tax years beginning in 2022, the dollar limitations for employee salary reduction for contributions to health flex spending arrangements increased to 2,850. Cafeteria plans allowed you to…
ListenAgain for my entrepreneurs, remember that health insurance premiums for the self-employed are 100% deductible for your insurance premiums on an above-the-line deduction. Meaning, guys, it's going to…
ListenAnd this is for individuals that are on Medicare or taking Social Security. It may be in the 2021 year you actually ended up with a really high…
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Deductions & credits
Again, for my entrepreneurs, remember health insurance premiums for the self-employed are 100% deductible for your insurance premiums on and above the line deduction. Meaning guys, it's going…
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