The IRS Deductions Blog

Archive for December, 2008

There has always been a need for a Dental Care Center in every community. Bronx Dental procedures have always been more predictable in an environment with a multi -disciplinary approach to patient treatment. It is convenient to have Dental Offices with several specialists under one roof.

Most of the time a Dental Care Center provides an excellent resource for patients seeking treatment. Bronx Dental care centers are always located in the Bronx and provide Dental Offices which are clean and reputable. Many times a Dental Care Center may be overlooked in a community looking for Dental Offices. Bronx Dental facilities are usually centralized in a desirable Bronx location. Patients who may be looking for a Dental Care Center may be referred to a Bronx Dental facility most of the time. When examining Dental Offices always look for a Dental Care Center with a friendly staff and a positive attitude. Most of the time a Bronx Dental organization will try to create Dental Offices which aid the community in delivering dental care in the usual fashion. Hopefully the creation of a Dental Care Center in a Bronx community makes people more aware of a Bronx Dental facility in their midst. Dental Offices not only provide dental care, but they also provide jobs at a Dental Care Center.

When speaking about a Bronx Dental facility it is always important to smile which enhances the attitude of an individual who might be visiting a facility containing Dental Offices. Dentists as well as dental assistants are usually found at a Dental Care Center delivering fine dental care. Most of the time a Bronx Dental facility will take great pains to provide Dental Offices which hold a higher standard of care for their patients.  Most patients will attempt to be punctual when visiting a Dental Care Center although this is not always the case. Occasionally a Bronx Dental patient will show up late for his or her appointment. In this case the Dental Offices in question will usually try to see the patient in spite of the disruption of scheduled time. You can always count on seeing an experienced practitioner any time that you decide to visit a Dental Care Center. For most patients a Bronx Dental organization will only function as well as the dedicated staff which provides Dental Offices at a typical Dental Care Center.  In conclusion a Bronx Dental location may provide Dental Offices in the hope of creating a Dental care Center.

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CIGNA Reports Second Quarter 2010 Results

PHILADELPHIA—-CIGNA Corporation today reported shareholders’ net income of $294 million, or $1.06 per share, for the second quarter of 2010 compared with shareholders’ net income of $435 million, or $1.58 per share, for the same period last year.

Question: can you claim your parents as dependents for health insurance and tax purposes?

My parents are very old and I plan to have them move into my house and help pay for some of their expenses for medication etc.

1)can I put them under my health insurance plan for my employer and how does that work if I wanted to do that?

2)can I file them as my dependents even though they are my parents for tax deduction purposes? Thank you.

Answer: There are two types of dependents as of 2005. Qualifying Child and Qualifying Relative. Your parents are too old for the former, so let’s focus on the latter.

To be a Qualifying Relative, they:

1) Relationship – They need to be related to you. As a parent, they pass this test. Certain relationships are too distant to qualify unless the person lives with you all year. Parents don’t fall into that category. In fact, they NEED NOT LIVE WITH YOU AT ALL in order to pass this test.

2) Gross Income – If they have a gross income of $3,300 (exemption amount) or more, no dice. If their only income is social security, you’re OK. If they have other income (pensions, investments, interest), make sure it is less than the exemption amount $3,300 (for 2006). For 2005, it was $3,200.

3) Joint Return – If they “have” to file a joint return, no dice.

4) Support – you must provide over 1/2 of their support. Sounds like you do.

Now, here is the fun stuff. If you are single and claim either or both of your parents as dependents and you pay for over 1/2 of the costs of maintaining your parents’ residence (whether it is the same residence as you or a totally different place) for the entire year, you can file as Head of Household instead of Single.

It sounds like you may have qualified to claim your parents and maybe even claim Head of Household in prior years as well. If so, it isn’t too late to change (amend) your tax returns for 2003, 2004, and 2005. You have until April 16th, 2007 to amend 2003 before it goes bye-bye. Every tax day, another year vanishes. Since April 15th falls on Sunday in 2007, tax day is Monday the 16th.

You will have to check with your insurance plan to see if dependent parents can be added. My guess is no, but I’m not an insurance expert.

Good luck!

By the way, all of this can be found at www.irs.gov. Look in Publication 17.

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