This Web site contains a compilation of more than a thousand consumer finance
columns written by Tony Novak from the 1980s through 2006, updated and reformatted for
maximum usefulness today. New material was added after
2010.
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position of any other person or entity. Information is from sources believed to
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originally posted: 11/22/2006
reposted: 2/18/2011 This post has not
been recently reviewed or revised by the author and may be out of date.
If in doubt, please send a new question or ask for an update.
Q: I read that I cannot deduct
the cost of my health insurance on my individual tax return but that if
my employer deducts it from salary and then pays the bill, then it is a
tax-free benefit. Is that true?
A: Yes. An employer usually sets
this up through a simple "Flexible Spending Account" program for
employees. Freedom Benefits can set this up, provide documents and
instruction and help set up the payroll to ensure that you receive the
maximum tax benefit. The cost is a flat $150 and the tax savings will
be substantially greater for both you and your employer.
Summary
More resources:
www.FreedomBenefits.org
