The Latest on Federal Medical Tax Deductions

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Join CPA Doug Stives who was once dubbed ‘The Most Tax Efficient Man in America” by the Wall Street Journal as he reviews latest on medical deductions.  

This year more than ever has been unique for many taxpayers as they have been faced with a challenging gauntlet of medical bills and expenses. How can you as a tax preparer advise your clients what federal tax advantages and deductions are available.

Agenda and Objectives:

  • Understand planning opportunities to reduce health care expenses
  • Use Pre-Tax dollars – HRA (Health Reimbursement Arrangements)
  • Install High Deductible Plans to reduce insurance costs – HSA’s (Health Savings Accounts)
  • Consider FSA’s (Flexible Spending Plans) to save income tax on medical expenses
  • Analyze Long-Term Care insurance benefits and traps
  • Use careful family planning to take advantage of deductions to reduce high medical costs, such as nursing home fees

This course counts for 1 hour IRS CE under the category of Federal Tax Law Related Matters.