Hope you all have been enjoying the Free Money tips I've been sharing on the radio! In case you missed them, I'm going to be transcribing those great tidbits on here. Let's kick this off with #1 - Hospitalization Premiums:
Hospitalization premiums paid by your employer are excludable from your income. For example if you normally would purchase hospitalization insurance costing $500 a year and you are in the 28% tax bracket, you would require pretax earnings of $694.44 in order to make that purchase. Which means you your have to earn $694.44, and 28% or 194.44 would go to your taxes. In other words having your employer pay your hospitalization premium in the case $500 for you would be saving 194.44.
Now that’s FREE MONEY
Check back soon, we'll have the rest of them up before the holidays so you can settle your tax prep with ease!
