Archive for June, 2009
Point Tax Deductible
June 6th, 2009
Question: Are re-financing fees on a mortgage tax deductible?
Are there any fees associated with a home re-finance (other than points) that are tax deductible?
Answer: No. None of the fees are deductible.
Also, on a refinance, the points are not deducitible all in one year either. You must spread them over the life of the loan.
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Falling Sales, Health Woes Put Family in Bind
By ERIC PERA THE LEDGER The Lantiguas thought the cookie business they inherited would be immune to the slumping economy, but sales fell as much as 40 percent, and then came the health complications.
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Standard Deduction For Married Couple
June 6th, 2009
Question: Standard Deduction – $17,900 ?
Hey,
I read that the standard deduction is $10,900 for a married couple, but why can I substract $17,900 on the 1040EZ in BOX 5? Why is there a $7,000 difference? Is there a way to get those $7,000 by using a regular 1040?
Thanks
Jaxx
Answer: Hi!
The 1040EZ has only one line for your standard deduction and your exemptions. That is why the 1040EZ shows $17,900, $10,900 for your standard deduction and $3,500 for each person claimed on the return. If you did a 1040 these figures would be on separate lines.
Hope this helps.
Virginia Cunning, Enrolled Agent, Master Tax Advisor
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more.
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Important numbers to keep in mind as you prepare your 2009 tax returns
_Each personal or dependent exemption is now worth $3,650, up $150 from 2008. _$11,400 for married couples filing a joint return, and qualifying widows and widowers.
Tax Deductible Savings
June 6th, 2009
Question: What are disadvantages of HSA health insurance?
I am thinking about buying an HSA. This is the higher Deductible Health insurance with a Tax Deductible Savings Account. What are the drawbacks?
Answer: Are you healthy?
Do you have the deductible handy in the event you need it?
While the paperwork is reduced, you still need to know a few basics–such as if you see a doctor who is in network, you get the network price even though you are paying for it (before the deductible is hit).
I have been on one for a few years and have developed a nice little slush fund that isn’t use or lose like an FSA. What I don’t like is my particular HSA doesn’t have as many doctors in network as BC/BS. (I’m debating swtiching back…the HSA is still useable, I just wouldn’t be able to add to it.)
One ridiculous downside is the extra form at tax time. You have to file an honesty report with a 1040 if you either put money in (even through work) or take money out. If you are single, the form isn’t too bad, but it’s ridiculously complex if you are married. The rule is that you only get a tax deduction for money you paid with after tax dollars. While I put in $3000 this year, $720 was through the employer and I don’t get to deduct that twice.
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Lots to look forward to in 2010
The New Year is upon us, bringing with it all kinds of changes, big and small, good and, well, not so good.
Personal Financial Planning Tips : How to Design a Savings Plan
Posted in List of Tax Deductions | 
Tags: 529, college, health, hsa, savings, tax deductible savings account | 
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Are Speeding Tickets Deductible
June 5th, 2009
Question: Stuck in traffic oncoming plow hit me, fault?
This morning during a snow storm, I was stuck on a hill behind a car that was stuck. Her car was diagnol and fishtailing, so I didn’t want to go around her. While I was parked sitting there for about ten minutes, with about 20 cars behind me, a huge state snow plow came speeding down the opposite side of the street and sideswiped my car.
I was on work grounds, so I later met up with the plow driver and a state police. The plow driver said that I was sticking out onto his side of the street and he couldn’t avoid me. The police then said it would be my choice whether or not he writes up a ticket, but he would be writing “no fault” plus that he gave ME a verbal warning for sticking out of my lane!!!! I was stuck!!! I told the police “no” ticket, because my deductible is $500 plus my insurance will go up!! But now what?? I have about $1,000 worth of damage to my car!!
Answer: This question has been asked many times and the only thing that will help you are pictures and witnesses if you can get or have them because this will be you word against his and the snow plow driver (city employee) and the police are as one……best of luck.
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Why Aunt Myrtle has lower car insurance
Dozens of factors go into car insurance premiums. Here’s why your aunt may pay less.
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Deductible Expenses For Corporations
June 5th, 2009
Question: TAX QUESTION…urgent help plz! UK only?
Outline the main features of capital allowances as Deductible Expenses when comuting the profits chargeale to corporation tax. Could you also include a comparison of capital allowances to accounting depreciation, with references to WDA, FYA, short-life asstes, expensive cars, balancing allowances and balancing charges.
Thanks in advance 
Answer: You won’t pass the exams if you don’t understand the principles. Do your own homework.
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Homeless numbers skyrocket
AMESBURY and mdash; The number of homeless people forced to live in motel rooms, shelters and even in their cars is reaching levels so high that service agencies can’t keep up. For 25 years, Community Action Inc. has helped hundreds of local families with rent, mortgage and utility assistance. But the Amesbury center’s homeless aid fund, which is made up of private donations from the community …
PHSK OUTREACH iso Rose Anna Hughes Benevolent Care