The IRS Deductions Blog

Archive for the ‘Tax Deduction Help’ Category

Question: Will you donate your wedding dress to help people in need?

Your wedding dress deserves a happy life too? Right? But it sits in your closet, waiting to be eaten by bugs or fire or rejected by your daughter because the dress doesn’t have a wireless hook-up thingy to regulate body temperature (standard in yr 2025).

Making Memories is a non-profit organization founded for the express purpose of granting memory-making events and last wishes to women and men who suffer from metastatic breast cancer. Making Memories is able to grant these wishes by selling wedding gowns that have been donated by manufacturers, bridal shops and individuals at our events called “Brides Against Breast Cancer” across the nation.

Please visit www.makingmemories.org and see the wishes we grant with the proceeds of our wedding gown sales.

Your donation and shipping costs are tax deductible. We’ll love an appreciate your dress and you’ll have more room for shoes.

Answer: No way! I spent 5,000 on my dress! And I am not donating it! It is for my daughter if I ever have one!

Items on Amazon Right Now for Deductible Selling Costs:

Selling Used Cars : How to Purchase an Extended Vehicle Warranty

Question: How do I deduct Tax and NI from my wages?

I applied for a job on www.write4money.co.uk, but in the terms and conditions it says

■You will be personally liable for your own Tax Deductions and all National Insurance contributions

Since employers have always done this for me, I have no idea where to start. What do I do? How much do I subtract? Who do I pay it to?

Answer: It’s not a “job” – your employers are avoiding their resposibilities by hiring you as a self employed contractor rather than as an employee. You will need to register with the Tax Office as self employed and you will have to pay a flat rate NI contribution monthly or quarterly and complete a tax return annually to establish your liability to income tax and a profit related NI contribution. Depending upon your level of income these liabilities will be paid annually (if low) or six monthly (if higher). Bear in mind also that as a self employed contractor your employer is also avoiding most of their responsibilities under the employment legislation so you won’t get paid holidays, sick pay, etc

Items on Amazon Right Now for Tax Deduction Uk:

Tax Deductible Theatre Co at the Branch and Root

Question: Comparing the Costs of a Regular Health Insurance Policy and HMO?

Comparing the Costs of a Regular Health Insurance Policy and HMO. A health insurance policy pays 65 percent of physical therapy cost after a $200 deductible. In contrast, an HMO charges $15 per visit for physical therapy. How much would a person save with HMO if he or she had 10 physical therapy sessions costing of $50 each?

Answer: $155, but that’s assuming the plan doesn’t discount the $50 visit or that the $50 IS the discounted amount. That also doesn’t take into account the costs of the plan, the ability to get the policy, etc…but as far as a math problem goes that’s your answer.

Items on Amazon Right Now for Deductible Hmo:

How to Compare Kaiser Permanente Health Insurance in Detail

Items on Amazon Right Now for Retention Deductible:

Question: Importing nutritional supplements into UK from USA?

What is the best way in regards to duty and vat? I am going to be a distributor of nutritional supplements and need to know the most efficient way to do this. If I order $5000 worth from the US, do I have to pay VAT twice (once with shipping and again upon sale)? Is the duty tax deductible? Thanks

Answer: Firstly you do not have to register for VAT [and therefore add VAT to your sale price] unless and until your annual turnover – looking back – exceeds the registration limit which I think is now £71000.

If this does not happen then to calculate the profit for tax purposes you deduct the gross cost to you of the product [including duty, import VAT and shipping for example] from your sales.

Items on Amazon Right Now for Deductible Vat:

Part 1A – Chapters 01-04 – Gulliver’s Travels by Jonathan Swift