The IRS Deductions Blog

Archive for February, 2011

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Your money blueprint for 2011

If you make time each month to give your money some attention, you’ll start 2012 in fabulous financial shape.

Bipartisan Meeting on Health Reform: Part 5

Question: My company’s health plan has a 100% copay on Rx. Is this common practice and ultimately, who benefits?

I personally find it odd that I can go to a chiropractor and be covered 100% with a smaller copay, but I have to pay full price for my prescriptions and send in receipts in order to get reimbursed 80% of the cost. And because I’m on medication that must be refilled every month. Every month I have to send in my receipts. On top of the $200 deductible.

In the long run, wouldn’t this negatively benefit the employee, because they can’t afford the copay for high-priced medications? What good is it to pay an employee’s way into the doctor’s office for a diagnosis only to realize they can’t afford the treatment?

I’d love to hear other people’s thoughts.

Answer: I use to have insurance like you on meds. The way insurance is now days be thankful you get 80 % refunded. Thats better than my policy where I pay a $20.00 to $50.00 copay an insurance pays less than me for their part.
Sure theres no good news here for you, personaly I’m thankful to have any insurance with medical cost so high now.

Virago Man

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Progressive Dig Med – Preliminary Results

Progressive Dig Med – Preliminary Results

Senior Care Concierge Medicare 2011 part 3

Question: in terms of insurance, what exactly is the annual deductible?

The insurance site i’m looking at defines it as this:
A specific dollar amount that your health insurance company may require that you pay out-of-pocket each year before your health insurance plan begins to make payments for claims. Not all health insurance plans require a deductible.

Does that mean that I have to pay the full amount of the deductible before i can go to the doctor?

Answer: ~~Not necessarily, you have to read the fine print to know for sure. Usually the annual deductible applies to testing, lab, medications, and in-patient care. Usually there is just a copay for actual doctor visits.

However, each policy is different. So read the fine print, or call and speak with the customer service rep and have them answer all your questions.~~

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BRIEFLY: Feb. 12

Read about what’s happening in and around Plymouth.

10 Second Insurance Tip: Quiz -Test your Health Care IQ!

Question: Could rent, laptop, educational training & professional membership fee be tax deductible if I am paid by 1099?

any one help please?

Answer: Rules for a home office are very strict. A portion of the costs MAY be deductible if you qualify and meet all of the requirements, not the least of which is that the space used for a home office must be exclusively for that use and none other.

The portion of the laptop costs attributable to business use is deductible.

Education and training needed to maintain your current qualifications or improve your skills is generally dedectible as are professional fees and membership in professional organizations.

I’d suggest that you consult with a tax professional — a tax attorney or CPA, not a storefront tax preparer as they cannot give legal advice — for advice specific to your situation. Threre are requirements that must be met for all of those items and you want to make sure that you are on the right side of the law.

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Happenings

WEDNESDAY, FEB. 16

Tax Break on Gym Fees?

Question: What will be the net salary for 2,861 euro gross after tax deduction in netherlands. I also need living cost?

I got an offer from Leiden University. My employee said my gross salary will be 2, 861 euro. How much will be my net salary. I want to know is that enough to support my family (me, my wife and kid). Is it possible for me to apply for 30% rule as I will stay only one year over there.

Answer: you can support your wife and kid but living in the “randstad’ ( the big cities in the west of holland) is expensive.

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Budget 2011 speech (Part 3): Growing Incomes for all Singaporeans

C.1. To raise Singaporeans’ incomes over the next decade, we must first sustain our economic growth. Without a growing economy, no strategy can realistically raise incomes, whether for the average citizen or those at the lower end of the workforce.

PML Progressive Multifocal Leukoencephalopathy