The IRS Deductions Blog

Items on Amazon Right Now for 2010 Medicare Premiums And Deductibles:

Would Privatizing Medicare Lead to Better Cost Controls?

Believing the private insurance industry could better control health care costs is faith-based analysis unsupported by data, an economist writes.

What is Medicare, What is Medicaid and What is the Difference? (50)

Question: Are parking tickets valid business deductible expense if they incurred while on a business trip ?

Answer: No. They are not necessary to the production of income. Now, if you paid to park in a parking lot, THAT would be a legitimate tax deductible business expense.

Items on Amazon Right Now for Parking Tickets Deductible:

News Briefs – May 14, 2011

CDAC provides Training on Crisis Intervention and Suicide Prevention The Community Drug and Alcohol Council, Inc. (CDAC) is offering Crisis Intervention and Suicide Prevention, a three-hour CEU course for clinical social workers, marriage and family…

Preview: Masterworks Scholarship Concert with David Rudge

Items on Amazon Right Now for Mortgage Interest Tax Deduction New York:

Is Home Ownership Overrated?

Jimmy Stewart taught us that buying a house was the key to the American dream; James B. Stewart wonders if that’s still true.

Joel Berg: How To End Hunger In America-Part 2

Question: Am I in charge of paying for my deductible before insurance will cover?

My deductible is 850 bucks for medical insurance and its 195 a month that I have to pay… so does that mean I have to pay 195/month PLUS whatever my medical bills come up to until I have paid the full 850? If that is so, it seems a little impossible to ever get past my deductible in a year, unless something horrible happens, right? The other option is 268/ mo with a 400 deduct. Mind this is me and my son.

Answer: Why would you want to pay $876 more over the course of the year in order to only lower your deductible by $800 ($400 each)? I will gladly give you $800 in exchange for $876 as many times as you’d like.

As far as the something horrible goes….$850 is a pretty easy hurdle to get to. One emergency room visit would do it.

Don’t look at insurance as something you may not use because the deductible is high. Look at insurance for what it covers on the other side of the deductible. Health insurance is protecting your assets and it’s doing that whether or not you get sick.

It’s like guardrails on a bridge. I personally have never hit the guardrails, but I’m always glad they’re there.

Items on Amazon Right Now for Deductible Medical Insurance:

Health Insurance Premium Increase Discussed

SIDNEY – The Cheyenne County Jail is poised to become the new primary facility for housing male inmates for Deuel County.

Health Insurance Deductibles and Coinsurances

Question: Form 1099 and estimated tax?

I made about 7 grand working under 1099. I gotta do Form 1040es for the federal during next two weeks.

I understand that I can claim deductions for business related expenses (meal, transportation, cell phone bill and etc). How do you claim deductions for such expenses. Is there a seperate IRS form for calculating such a deduction? AND DO YOU BETTER BE READY TO FURNISH EACH AND EVERY RECEIPTS FOR SUCH EXPENSES? I don’t have all the receipts.

How do you do the likewise for the state of Maryland?

Advice will be appreciated.

Answer: You will add a Schedule C form to your 1040 and you will not be able to file a 1040ez, i.e. you’ll have to itemize to get the business deduction, but in your case it will probably be worth it. And yes, officially you’ll need receipts, but if you never get audited…

Maryland will (most likely) take your net income from the federal form.

Items on Amazon Right Now for Irs Deduction For Meals:

Tax Tip: Deduct Your Volunteer Expenses

NEW YORK (MainStreet) — Many people contribute more than cash or property to a church or charity — they also contribute their time as a volunteer. You cannot deduct the value of your time or services, but you can deduct any out-of-pocket expenses you may have incurred while doing volunteer work. Did you bake a cake or cookies for a church bazaar, deliver meals to the homebound or drive elderly …

Cost of Assisted Living May Be Tax Deductible