The COVID-19 pandemic that has swept across the world has prompted a number of changes that affect employers. These changes involve paid sick leave, paid family and medical leave, and the tax credits associated with those policies. Here’s what you need to know. How does COVID-19 affect employees’ paid sick leave? If an employee cannot…
Healthcare
When and How to Deduct Medicare as a Business Expense
Medicare health insurance may be less expensive than most private plans, but the premiums still add up to a considerable sum each year. This is especially true for high-income taxpayers and married couples who are both paying Medicare premiums. However, a CPA may be able to help you deduct those premiums as a business expense….
Update on Health Savings Accounts (HSAs)
Health savings accounts (HSAs) are now more popular than ever. According to a recent survey, the number of HSAs has surpassed 21 million, and the accounts now hold about $42.7 billion in assets. Here’s a very tight summary of how the HSA works for you: Deduct the health insurance cost. To enable the HSA, your…