The IRS Deductions Blog

Archive for January, 2009

Items on Amazon Right Now for Medical Expenses Tax Deduction Example:

Justice Department Files Six Lawsuits to Enjoin Preparation of Fraudulent Federal Income Tax Returns

Return Preparers Allegedly Prepared Thousands of Federal Income Tax Returns with Fraudulent Deductions & Credits Resulting in Millions in Lost Revenue to the U.S. Treasury

Question: What does it mean when you have a 5,000 deductible- Health Insurance****?

What does it mean when you have a 5,000 deductible? does that mean that i order for my insurance to pay I have to first pay 5,000 out of pocket?
If so, what is the point of the Insurance, I’d be paying over $200 a month, as well as paying for all my doctor visits until reach 5,000 THEN my insurance kicks in?

Answer: yes that is what it means unfortunately.

that’s why so many people don’t get well visits, check ups since they are out of pocket. the 5k comes into play when there is a catastrophic event;
ie; surgery, cancer, a lot of diagnostic tests.

the only advantage is that you get the insurance contract price. so say your doctor charges $90 per visit, the insurance company price maybe $65, so you will owe $65 to the doctor.

you also have to consider if the doctor is in-network or out of network. if out of network, it may not go to your deductible. then you most likely have a co-insurance clause; better check that out.

i have 5k deductible with a 70/30 coinsurance. which means i pay the 1st 5k plus i pay 30% of all charges over 5K; i believe the maximum i can pay in one year out of pocket is around $8k, then guess what the insurance pays at 100%.

isn’t it wonderful to live in the USA where health insurance keeps going up, and more people file bankruptcy every year with health insurance due to the outrageous costs and out of pocket, or treatment being denied and billed back to the consumer. and everyone does not want “socialized insurance” since everyone pays and gets treatment without worrying if they can afford it.

Items on Amazon Right Now for Deductibles In Health Insurance:

Senate’s health plan threatens the middle class

The bill that passed the Senate with such fanfare on Christmas Eve would impose a confiscatory 40 percent excise tax on so-called Cadillac health plans, which are popularly viewed as over-the-top plans held only by the very wealthy. In fact, it’s a tax that in a few years will hammer millions of middle-class policyholders, forcing them to scale back their access to medical care.

Seven Biggest Mistakes People Make With Health Insurance – Part One Deductibles

Question: What kind of tax deduction do you get for donating a vehicle to charity?

Do you have to donate a total certain amount to get a deduction? I live in MD…

Answer: In order to deduct a charitable contribution, you must itemize using Schedule A. Your total Itemized Deductions must be greater than your standard deduction in order for you to benefit.

A vehicle donation is subject to special restrictions. You cannot automatically deduct the fair market value of the vehicle. If the vehicle is worth less than $500, you can deduct the value. Otherwise, you can deduct the amount that the charity sold the vehicle for.

Only if your donation is used as a vehicle for the charity’s use could you possibly deduct the fair market value.

The charity would provide documentation of your donation.

Items on Amazon Right Now for Vehicle Tax Deductions:

It’s time to take advantage of tax credits and deductions

If you bought a new car, truck or motorcycle after February 16 of this year, you can take advantage of one of several ways to save on your 2009 tax bill.

Tax Tips & Advice : How to Deduct the Cost of a Vehicle Used in Business

One of the most evident and fruitful boon of technological advancement is the internet technology. It feels as if it has shrunk the world into a small computer monitor. What ever you want, what ever you need you can get it just through a search and few clicks here and there. Health Insurance leads like other things are needed by the insurance agents and provider to reach out to those who are looking for medical insurance covers.

Unlike the old days when the buyer had to get in touch with an insurance company to ask for the medical covers they had to offer; today the companies would get to you with customized policies that would suit your individual needs.

People who are looking for medical covers usually try to search for the relevant information over the internet. There are sites that would prompt you to fill in forms that would ask for details around their medical wellbeing and their expectation around a medical cover that they are looking for. These sites are basically lead generation sites. These sites would use these forms as data recourses and process them into a database that could be called as the health insurance leads.

Health insurance leads in simple terms could be defined as the information regarding the people who are looking out for health insurances. How detailed the leads are directly be dependent upon the blanks that are prompted to be filled by people who are exploring their options for medical cover.

The information collected by these lead generation sites are then collated and are sold to the insurance companies or any one who is looking out for them at a price. The insurance providers or agents looking at the specific health insurance need of a particular lead and get in touch with the contact to convert the health insurance lead into an actual sale.

This is quite a beneficial mechanism that cuts the run around both for the insurance provider and the potential buyer to get to the desired health insurance policy.

Items on Amazon Right Now for Medical Insurance Deductible Definition:

POLICE: Mysterious Package at Marathon Plant Likely Not Dangerous

State Police Dispatchers tell WSAZ.com a suspicious package was found at the Marathon plant outside of Kenova in Wayne County. However, the package is not thought to be dangerous.

Items on Amazon Right Now for Tax Deduction Business Gift:

Business travel deductions: tempting but complex

You’re planning a vacation, and thinking about taking some time during your trip to see a client. Maybe you can get a big tax deduction?

Business people recomendations “Drunk on Oil” lecture