The IRS Deductions Blog

Archive for August, 2011

Question: Is this insurance fraud?

I was involved in a hit and run last week. The driver hit me and reversed and went right around me. I called the police and they told me they couldnt do anything bc no one stopped to be a witness and i had no description of the car other than it being a small black car. My bumper, headlight, and right fender is all messed up. Now, i had a previous claim with my insurance about another accident. The only damage i sustained was a very small crack on the bumper (same area as the the hit and run impact). The claim was never closed for whatever reason, even after i told the examiner i didn want to pay my deductible and it wasnt worth repairing a small crack (I eventually fixed the crack myself). Now my insurance (Geico) thinks im committing insurance fraud bc i never got the small crack fixed through them and now i want them to fix the hit and run damage. I mean the hit and run damage is over 1000 dollars to fix now.

Answer: You walk right down to the police station, and file a hit and run report in person. The cop you talked to was being lazy, and just didn’t want to file the report. You NEED to file that report. It completely legitimizes your claim.

The way you describe it, Geico isn’t “on the hook” for the old damage, only the new damage. It doesn’t matter that YOU “fixed” it yourself. You can’t superglue or bondo a bumper. If the estimate for the new damage is “replace the bumper”, and the estimate for the old damage was “replace the bumper”, you actually HAVE no new damage, you still have to replace the bumper. After you show geico a receipt for the new bumper, any MORE bumper damage will then start being covered again.

Not fraud. Just common sense.

Items on Amazon Right Now for Insurance Fraud Deductible:

A shift in the program? The largest for-profit colleges have D&O programs with $75 million to $100 million in limits over deductibles of $1 million to … EDUCATION): An article from: Risk & Insurance $9.95 This digital document is an article from Risk & Insurance, published by Axon Group on September 15, 2011. The length of the article is 2528 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: A shift in the program? The largest for-pro…

Contractors Waiving Deductibles is Illegal for Them and You

Items on Amazon Right Now for What Is Glass Deductible Buyback:

Question: Is it better to refinance a mortgage for a tax deduction or continue with my 15 year mortgage?

I have 10 1/2 years left on a 15. Single, retired and no dependents.Pension(60,000) Does it make sense to refinance?

Answer: Interest rates dropped to around 6.10% for a 30 year loan. What is your interest rate. Will you save money by refinancing? Your mortgage does not account for much of a deduction. You may want to stay the course.

Items on Amazon Right Now for Mortgage Deductions On Taxes:

TurboTax Home & Business Federal + State + Federal efile 2009 $42.89 TURBOTAX HOME & BUSINESS WITH…

TurboTax Basic Federal + e-File 2010 – [Old Version] $4.99 TurboTax Basic was designed to make doing your simple taxes easy, by guiding you step by step through your federal tax return. TurboTax guarantees its calculations are 100% accurate, or you’ll be paid any IRS penalties plus interest. TurboTax also double checks your return to help you get the deductions and credits you deserve. Everything you need to easily do your simple tax return. Does th…

What Your CPA Isn’t Telling You: Life-changing Tax Strategies $11.69 This is a powerful story woven around one theme—TAX PLANNING CAN CHANGE YOUR LIFE Tackling the fundamental question asked by all taxpayers – How can I save on taxes? — attorney and CPA Mark J. Kohler empowers you to dismiss standard CPA viewpoints like your tax payment is what it is and you just make too much money. Simplified through the mastery of storytelling, Kohler invites you to immers…

J.K. Lasser’s 1001 Deductions and Tax Breaks 2012: Your Complete Guide to Everything Deductible $9.98 A straightforward guide to taking tax breaks and deductions on your 2011 tax returnCompletely revised to reflect important changes in this year?s tax laws, J.K. Lasser?s 1001 Deductions & Tax Breaks 2012 will help you take advantage of every tax break and deduction that you may be entitled to. This comprehensive guide is clearly organized by subject matter so you can easily find situations that ma…

Tax savings Home Based Business – Business Use Percentage BUP

Items on Amazon Right Now for Tax Deduction Onesie:

Rebel Ink Baby Infants’ Mommy’s Little Tax Deduction Long Sleeve Tee T-Shirt Spouting a sassy catch phrase and hip graphics, this snapsuit for infants is setting a trend for your little rebel in the making. Your little rebel will be turning heads everywhere in this 100% cotton snapsuit….

Rebel Ink Baby Infants’ Daddy’s Little Tax Deduction Short Sleeve Snapsuit Onesies Spouting a sassy catch phrase and hip graphics, this snapsuit for infants is setting a trend for your little rebel in the making. Your little rebel will be turning heads everywhere in this 100% cotton snapsuit….

Rebel Ink Baby Infants’ Mommy’s Little Tax Deduction Short Sleeve Snapsuit Onesies Spouting a sassy catch phrase and hip graphics, this snapsuit for infants is setting a trend for your little rebel in the making. Your little rebel will be turning heads everywhere in this 100% cotton snapsuit….

Daddy’s Little Tax Deduction $24.00 Black or White Short Sleeve Snapsuits with contrast stitching for your little rebel. Lap shoulders, in 100% super soft cotton….

Question: Does anyone know of a charity that would accept jewelry as a donation?

I have an old engagement ring that I would like to donate to a charity that is recognized by the IRS (for tax deduction purposes). Does anyone know of an organization that would accept a piece of jewelery? Thanks……

Answer: I might suggest a better alternative… send your ring to MIDWEST REFINERIES & donate the proceeds to whomever you choose. Midwest is not like those scams Gold kit and such. They are a real refinery – family run – take a very small (%5) of the gold value. I have done business with them for 2 years now. They don’t charge any Extra for assaying or melting. They pay you strait up 95% of the value of the gold in the jewelry. You can look them up at www/midwestrefineries.com No order is too small. If you send to them on Monday… many times I have gotten payment by the following Monday. Most Charities other than the salvation army wouldn’t know what to do with the Ring or it would unfortunately now days end up in someones pocket. I run a non profit & that is where we send all our jewelry we get from storage auctions or donaitons.

Items on Amazon Right Now for Irs Tax Deductions For Donations:

The Adventures of Jimmy Neutron Boy Genius Attack of the Twonkies $24.99 TaxCut Home & Business is two complete programs in one, and it includes everything you need to complete and e-file your personal and business federal and state taxes. You also get guidance for corporate, partnership, and payroll business returns, as well as personal tax forms from 1040EZ to Schedule C. A step-by-step interview guides you through a customized process, and the product includes Worry…

New rules for vehicle donations: IRS tries to curb abuses.(from The Tax Adviser): An article from: Journal of Accountancy $5.95 This digital document is an article from Journal of Accountancy, published by Thomson Gale on June 1, 2006. The length of the article is 644 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: New rule…

IRS Permits Use Of Expenditure Responsibility For Most International Grants.(Internal Revenue Service )(Brief Article): An article from: Fund Raising Management $5.95 This digital document is an article from Fund Raising Management, published by Hoke Communications, Inc. on July 1, 2001. The length of the article is 543 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsT…

TurboTax Home & Business Federal + e-File + State 2010 – [Old Version] $8.07 Designed for sole proprietors, self-employed, consultants, 1099 contractors, and single-owner LLCs. Expanded interview walks you through entering business income and expenses to help you maximize business and personal deductions, home office deductions, depreciation and more. Create W-2 and 1099-MISC forms for your employees and contractors. The Intuit TurboTax Home & Business Tax Year 2010 Softwa…

IRS TAX TIPS: Charitable Contributions (ASL, CAPTIONS, & AUDIO)