During the COVID-19 pandemic, you may have purchased masks or PPE for the purpose of preventing the spread of the COVID-19. Now, according to a recent announcement from the IRS, those purchases may be deductible from your income for tax purposes and eligible to be paid or reimbursed under certain savings accounts.
The recent IRS guidance provided that amounts paid by individuals for PPE—including masks, hand sanitizer and sanitizing wipes used for the primary purpose of preventing the spread of COVID-19—are deductible medical expenses. Therefore, the amount you paid for the PPE that is not compensated for by insurance may be deductible as long as your total medical expenses are more than 7.5% of your adjusted gross income (AGI).
2024 Construction Industry Trends
Gather information on construction industry trends to watch in 2024 and offers strategies to navigate
DOL Increases Civil Penalty Amounts for 2024
On Jan. 11, 2024, the U.S. Department of Labor (DOL) published the 2024 inflation-adjusted civil
6 Employee Benefits and HR Trends to Monitor in 2024
6 Employee Benefits and HR Trends to Monitor in 2024 in today’s market.