The IRS Deductions Blog

Archive for December, 2008

Items on Amazon Right Now for Deductible Health Insurance Definition:

THE SAVINGS GAME: Tips on budgeting for your expenses before your wants

Cover all your necessary expenses first.

Question: Medical deduction for health insurance premium paid under COBRA rules?

I started 2007 working as a consultant for a start-up company. I kept my health insurance from a previous employer paying the full monthly premiums under the COBRA rules.

About mid-year the company hired me fulltime, but their healthcare plan wasn’t as good as the one I had through my former employer. Because of this I stayed on that plan paying my monthly premiums under the COBRA rules.

My company reimbursed me for the portion of the premium that they would have paid for me under their health plan (which amounted to about one half of what I paid for the COBRA plan).

Tax question: What, if any, part of the COBRA insurance premiums I paid can be written off on a Schedule A under medical deductions?

Answer: The portion of the premiums that you paid from taxable income is deductible.

Items on Amazon Right Now for Monthly Tax Deduction Schedule:

Thailand warning on dengue fever

here on the Gazette Online (fed directly from FIFA).PHUKET: Thailand is facing a major outbreak of dengue fever and cholera, which have killed 30 people over the past six months. A report in The Natio…

New Tax Credit to Buy a Home – Prudential Homesale

Items on Amazon Right Now for Tax Deduction Per Mile 2009:

2010 tax numbers from the IRS

The tax law requires that certain tax numbers be adjusted for inflation each year. Because inflation was minimal in 2009,…

!! 2010 Toyota Camry 2010 Toyota Tundra Naples FL

Watch movies on internet Until recently Hollywood studios and the movie industry in general had been resistant to the idea of internet entertainment. This initial resistance has broken down as the major studios realize that almost two generations of moviegoers do most of their viewing online. The ability to watch movies on internet websites has created new industries within the entertainment industry. Studio executives routinely watch social networking for the latest internet ‘buzz’ about new movies and have realized that online chatter can make or break a movie at the box office. Those who watch movies on internet websites have hundreds of thousands of titles at their disposal. With a click of a mouse viewers can watch movies on internet websites. The relatively new online entertainment industry has experienced rapid growth despite, or maybe because of, the recession. People everywhere are cutting back on entertainment expenses and this new industry provides movie fans with the ability to watch movies on internet sites for free or for a nominal fee. The selection of movies available is astounding and many believe that in the near future video stores will be a thing of the past. No matter what tastes a viewer has there is sure to be a website offering whatever the viewer is looking for. Television manufacturers have taken notice of recent developments and many now include internet connections on new model television sets.

Video streaming sites give movie fans the ability to watch movies on internet websites instantly. The new generation of viewers has online entrepreneurs searching for newer and better ways to give viewers the opportunity to watch movies on internet websites. Many of these affluent younger viewers have integrated home entertainment systems and computers. These younger movie fans can have a theatre like viewing experience from the privacy and comfort of their own homes. Many websites now offer the hottest new releases and some websites offer movies that are still playing in theatres. Online movies are available in all categories and genres and in addition rare and historic film footage is instantly available to those who choose to watch movies on internet websites. As has been mentioned most media experts see a very bright future for the online entertainment industry. Convenience and cost have been mentioned as major factors driving the growth of the online entertainment industry. Clearly websites enabling movie fans to watch movies on internet websites are the wave of the future.

Items on Amazon Right Now for Non Deductible Entertainment Expenses:

Church News

Church News will run as items are received, based on available space.

Question: Are prescription drugs tax deductible?

Are prescription drugs tax deductible if I keep my receipts?

Answer: Yes, prescription drugs are deductible as medical expenses. However to get the deduction you must file a Schedule A (Itemized Deductions) AND your total medical expenses must be total more than 7.5% of your AGI (Form 1040, line22) If you are able to take the deduction, it’s good you kept the receipts in case of an audit.

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Top Scoops

As a main component of the Psychopharmaceutical Industrial Complex, the so-called ”patient advocacy” organizations have become the leading force behind the American epidemic of mental illness over the past two decades.

Multiple Sclerosis and Marijuana