Tax Deduction for Health Care Sharing Ministry Membership Expenses.
New rules allow tax deductions for expenses related to membership in health care sharing ministries. This means individuals participating in such ministries can reduce their taxable income, potentially leading to lower taxes. These changes will apply to expenditures paid in taxable years beginning after December 31, 2023.
Key points
Membership fees for health care sharing ministries now qualify for medical expense deductions.
Ministries must meet specific criteria, including publishing audits and being accredited by independent organizations.
The changes take effect for expenses paid in tax years starting after December 31, 2023.
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