The IRS Deductions Blog

Archive for September, 2010

Question: What happens if you change health insurance plans with deductibles if you stay with the same company?

It is renewal time and my employer has changed policies for a cheaper rate. I have met my deductible already this year and wonder if I will have to meet another deductible when the policy changes over to the new one.

Answer: It will depend on how your group plan is set up. If you are setup on a calendar year, then you should be okay. However, if you are on a contract year then you may have to start again. If the company is the same, and in years past when you met the deductible prior to renewal and you did not have to meet the deductible again, then this case should be the same.

You need to ask your HR department or if you have an insurance representative assigned for questions, then ask that person. It will depend on how your company has their agreement with the insurance company.

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Obamacare arrives Thursday — here’s what to expect

Of the many healthcare changes starting Thursday as part of federal reforms, one is a potential life-changer for Tarina Garcia, a Miami mother who was unable to obtain commercial insurance coverage for her 11-year-old daughter’s epilepsy because it’s a “pre-existing condition.”

Creative Deductible Solutions (CDS) Collision Deductible Reserve Plan (CDRP) Overview By John Daly

Question: is sale tax on a new car deductible on federal income taxes?

Answer: Maybe.

If you itemize, you are given the choice of deducting the state sales tax that you paid throughout the year or the state income tax you paid but not both.

The IRS has developed tables to calculate what the average person spends in each state on sales tax. Take this number, and how much tax you paid on the car and if that number is higher than your state income tax AND you itemize, you will get a deduction.

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Community Calendar

Deadline for items for the Community Calendar is Wednesday at noon two weeks before desired publication date. Send information on fund-raisers, clubs, lectures, community events, reunions and support groups to Community Calendar, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; fax (847) 486-7495; or e-mail to jmolitor@pioneerlocal.com. There is no charge for …

House Session 2010-04-13 (20:35:28-21:38:30)

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2010 tax law changes offer expanded tax benefits

Taxpayers, nationwide, will have until Monday, April 18, 2011, to file their 2010 returns and pay any taxes due.

Future limitations on tax rates for Itemized Deductions

Question: Tax Donation Deduction – Maximum?

Lets assume you owe $20,000 in taxes. If you donate $20,000 to some charity,
can you deduct that full $20,000, thus owing $0.00 in taxes?

Answer: No.

The savings is based on your tax bracket. If if you are in the highest tax bracket (35%), a $20,000 donation would only save you $7000 in taxes ($20,000 x .35). You would still owe $13,000.

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Fundraisers calendar

To have an item considered, submit it in writing two weeks in advance. Include a daytime phone number readers may call. Send items to Fundraisers, P.O. Box 8099, Walnut Creek, CA 94596-8099. To obtain an announcement form, call 925-943-8235.

Tax Deductible Charitable Donations for 2010, 2011

Question: What does the sentence “It’s tax deductible” really mean?

Answer: You subtract the cost of that item from your total earnings when filing your tax.

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How your workplace can help you avoid debt

Many people think of their job compensation as consisting of the paychecks they receive. Here are a few other ways your job might help you make the most of your money.

Monty Python – Accountancy Shanty (Meaning Of Life)