Holmes Insurance Services, Inc. | Insuring Youngsville & North Carolina

Is Auto Insurance Tax Deductible? It Depends

Posted: February 14, 2020

Tax deductions are a way to lower your taxable income, so you can decrease the amount of taxes that you owe the government. Thinking about the different IRS-approved deductions as you prepare your tax returns may lead you to wonder: Is auto insurance tax deductible? The answer depends on how you use the car and other factors. For specific questions about your own taxes, consult a...

How HRAs Offset Premiums & Deductibles For Group Plans

Posted: February 13, 2020

A health reimbursement arrangement (HRA) can offset premiums and deductibles in a group health insurance plan. These savings are realized when a high-deductible health plan (HDHP) is combined with a Deductible-Gap HRA. Employers can benefit by saving money and reducing overhead with a high deductible, while the effect on employees is offset by the HRA. What Is An HRA? An HRA is an employer-funded account...

IIHS: The Safest Cars Of 2020

Posted: February 13, 2020

If you’re shopping for a new car in 2020, you’ve got options – lots of ‘em. So how do you make the right choice? Good news: The Insurance Institute for Highway Safety is here to help with their latest TOP SAFETY PICK awards. The IIHS, a nonprofit research and education organization, conducts crash tests to determine which vehicles do the best job of protecting people in the...