The IRS Deductions Blog

Items on Amazon Right Now for Deductible Buy Down Definition:

Senate Session 2011-05-16 (16:18:57-17:39:12)

Question: Are Taxes paid on three Cars I bought in 2008, tax deductible?

I bought three cars for family use in 2008. All cars are used, one is 2003, other is 2004, and the last is 2006. I paid around $1500.00 in total. Can I deduct all the amount in my 2008 taxes?

Answer: also, if you itemize you can deduct personal property taxes paid on vehicles.

Items on Amazon Right Now for 1500 Deductible:

Used 2007 Chevrolet Silverado 1500 Classic Quincy IL 62301

Question: What does “20% Coinsurance after separate $5,000 deductible” mean?

This is my maternity coverage on my health insurance. Does it mean I have to pay $5000 before my insurance will pay?

Answer: Like the answers prior: after your deductible of $5000, you are also responsible for the next 20% of covered expenses, up to the policy amount – usually referred to as the “stop loss.”
To find out the figure – it does vary from policy to policy and company to company – call the agent (if you have one) and / or call the insurance company. The customer service number is usually on the back of your ID card and / or any billing statement they have sent you.

Items on Amazon Right Now for After Deductible Meaning:

Michele Bachmann Vs Michelle Obama On Breast Feeding

Question: What can you deduct if…..?

My husband and I own a business. We are sponsoring a T-Ball team this year. What all will be considered deductible when we file taxes next year? (ie…sponsorship fee, uniforms, water cooler for team, first aid kit…etc) We are an LLC, Sole Propriertship company.

Thanks.

Answer: All your expenses will be deductable. If you pay for the team to eat, only 50% is deductable. I am sure the kids thank you

Items on Amazon Right Now for Sponsorship Deductible:

The Kilimanjaro Climb August 2010

Items on Amazon Right Now for Medical Aid Tax Deduction:

Volunteer Abroad Philippines Health Care Programs Medical Nurses EMT’s Dentists