The IRS Deductions Blog

Archive for July, 2010

Question: Why are republicans claiming illegal Tax Deductions on the ad that says “obama socialist”?

u see the ad.

It is supposed to be run by a legitimate news organization but it is really a republican scam news organization.

They are taking a tax deduction for that ad claiming it promotes thier newspaper but it is really a political ad.

Typical republican scams.

Answer: Do you have a head injury?

Items on Amazon Right Now for Political Tax Deductions:

Measuring ‘best place on earth’

Is B.C. really the “best place on earth” as Premier Gordon Campbell insists? Well, judging from his own advisory panel that charts this province’s performance when it comes to all things economic, social, environment and health, the answer is a decidedly mixed one.

Tips for Filing Taxes : Tax Tips for Political Contributions

Question: How can I contribute to my HSA account while unemployed?

I was laid off just before Christmas and I am currently collecting unemployment. How can I still contribute to my HSA, and what are my limits? I was paying into it, pretax, through deductions in my paycheck. Also how do I check on it? I used to check on it though my health insurance carrier but I no longer have one and if I get my own insurance can my current HSA account be used or do I have to roll it over into another one?

Answer: You need to contact the administrator for your HSA account. If you don’t know how to contact them call your previous insurance carrier and ask them how.

You cannot contribute to the HSA account if you do not currently have an HSA qualified health insurance plan. This is an IRS regulation.

When and if you get another HSA qualified health insurance plan you will also need to contact the administrator to see if your current account can be used with the new plan or rolled over. Most of the time the HSA account can stay the same but not always. If you do not get another HSA insurance plan you will not be able to make anymore contributions but you can still use the funds to pay for your medical costs.

Items on Amazon Right Now for Hsa Deduction Limits:

Lower Your Income to Qualify for a Roth

Take these steps before the end of the year to increase your chances of fallining within the income limits for contributing to a Roth IRA.

Harry Reid’s 2074 page Health Bill

Question: Health insurance Tax deduction U/s 80 D Query?

Sir, I am 29 year male living with my mother of age 57 years.my gross income is 2,50,.000/- Rs. for year 2009-2010.So my taxable income is around 100000/- So my office is about to deduct tax around 10000/-

I have bought individual Mediclaim policy of 300000/- for which I paid 2800/- as premium from united india. Also i Bought indivisual mediclaim policy for my mother of 200000/- for which I paid premium of 6500/-

How much Tax rebate i will get..?

also, tell me that I have spent amount 2000/- for carrying out medical tests of my mother as it is her first time medilam cover. can I ask for rebate for the amount which I spent for her medical tests..?

I have given simple figures for ease.. kindly let me know will I get near 100% tax rebate or Not..?

Answer: 2800 Your premium
6500 Your mothers premium
——–
9300 Total:
====

Rs.2000 tests amount dose not under sec. 80D. You can only claim 9300. You still have to pay tax Rs. 9,070. If you want to save that tax also, then you should invest nearly Rs.91,000 in tax saving instruments u/s 80C. (Like LIC premium, NSE, PPF, ELSS ect.,)

You can calculate your tax in the web site given below:

http://multiutils.com/itax/itax4.htm

Items on Amazon Right Now for Tax Deductions For Individuals 2009:

Nonprofits have uphill climb in tough economy

The Christian Community Action in Valparaiso is not the first nonprofit agency in the region to close its doors because of the economy, and it may not be the last. Lutheran Social Services of Indiana’s Griffith office shut down about a year ago because of a lack of funding, and a spokeswoman with GuideStar, a national organization that reviews nonprofits, said 7 percent of the agencies it …

New Tax Deductions for 2009, 2010

Question: Can I claim items that I’ve bought and donated to a charity item as a tax deduction?

I’m going to a charity auction in the fall and I have been picking up items that I want to donate to be auctioned off. Since the proceeds from the auction are going directly to charity, can I claim the total value of what I spent on my 2008 taxes as a charitable contribution?

Answer: Keep the receipts.

You can only deduct a) the lesser of fair market value or what you paid for the items; b) need confirmation from the charity that you actually made the donation; c) if it’s big bucks, see IRS publication 526 for further requirements.

Plus, you must be able to itemize to see a difference in your taxes.

Items on Amazon Right Now for Tax Deduction Auction:

Morristown NJ husband, wife combine talents for new business

Thanks in part to medical breakthroughs, Americans are living longer than ever before. According to the U.S. Census Bureau, people age 65 and older will represent over 18 percent of the population by the year 2030.

Donate your car to the Crusade for Children auto auction

Question: Electing a high deductible med plan/HSA compatible.. can we discontinue the FSA?

Would this be a qualifying event? Our employees want to cancel the FSA since they can now get a HSA account. Our rep has not gotten back to me and I need an answer asap. Any help is appreciated.

Also, is this a IRS decision or can the Flex spending company decide what they want?
thanks for your answer but they dont want to keep it so I am seeing if we can discontinue it.

Answer: No, it is not a qualifying event. Further, if they have a FSA, they are not eligible to open a Health Savings Account. This means, if they elect the HDHP, and they are already enrolled in a FSA that is not defined as a “limited use” FSA, they will have to pay their out of pocket expenses from the FSA, and open a Health Savings Account in 2010. The FSA plan document would need to specifically state that is for post-Deductible Expenses, and othe QME not covered by the Group Health Insurance plan.

Regualtions are from the IRS, not the plan administrator.

Items on Amazon Right Now for High Deductible Fsa:

Kopyc: Health Savings Accounts offer you tax breaks and more

Why do people open up Health Savings Accounts in tandem with high-deductible insurance plans? Well, here are some of the compelling reasons why younger, healthier employees decide to have HSAs.

Health Savings Accounts