Are breast pumps tax-deductible? Acne cream? Again, the answers may surprise you. (Click here to read the fascinating article). But no matter what you can deduct as medical expenses on your tax return, there is a way you AND your employer can save significant payroll taxes: set up a “Section 125 Cafeteria Plan” for employee contributions to health insurance. It’s a win-win, and helps offset those ever-increasing premiums. Do not assume your employer knows!
While you are at it ask your employer about “flexible spending accounts” for out-of-pocket medical costs. It is another win-win and allows you to deduct some eligible medical expenses much more easily than you could on your tax return.
These plans often require a third-party administrator but there are providers that offer these services at a little or no charge. Write to me privately for details.
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