Is Cosmetic Surgery Deductible
July 27th, 2010If you're new here, you may want to subscribe to my RSS feed. Thanks for visiting!
Question: if I have to get sinus surgery/septoplasty what would be the best health insurance plan to go with?
I am pretty sure I have a deviated septum and would need to undergo septoplasty. Assuming i have to.. what would be the best plan for me to go with. Keep in mind that I am 16 years old and would also like to get rhinoplasty along with the surgery to straighten the nasal bone out, most insurance companies considered this cosmetic is there any that do not?
Like what is better.. a high monthly payment with no deductible.. or a high deductible low monthly payment? assuming I would need to get surgery in the future…
Answer: I answered your question is another section. I’ll just add that it might be a good idea to go with the health insurance that works best with your chosen health care provider because it sounds like you might need assistance for some time. If you go the high deductible, low premium route, make sure that you can afford paying the high deductible if it’s necessary. Many people who cannot afford the high deductible choose these plans because they are less expensive month-to-month and then end up in trouble when they can’t meet their deductible requirements.
Even if you get insurance that will cover rhinoplasty surgery, you would need to get the procedure okayed by a doctor working with the insurer. Are you sure it’s medically necessary for the procedure? As another answerer has mentioned, you might want to consult with a doctor (or two) that you trust and find out if you really need the surgery. Then you can find out what kind of insurance they work with; it might just be a matter of how they code the procedure. I’m not sure that there is insurance that is generally known for covering specific procedures; I think it’s more on a case-by-case basis. You might also want to talk with other people who have undergone septoplasty and/or rhinoplasty.
After you get checked out by doctors and find out whether the surgery is needed and perhaps spoken with other people like you who are considering or who have had the surgery, you can check out MostChoice.com to compare health plans accepted by that doctor or medical facility. There’s no obligation, and you can also speak to insurance agents through the site who might have dealt with situations like yours before. But the important thing is to get expert medical opinions about your problem; there might be other, less costly ways to improve your health.
You can find MostChoice here: http://www.mostchoice.com/health-insurance.cfm
Hope this helps,
Barnes@MostChoice
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Tax Deduction Sales Tax
July 25th, 2010
Question: Do sales Tax Deductions carryover to the next year?
My sales tax deductions exceed my AGI, can I carry the excess over to next year?
Answer: No.
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Map featuring this weekend’s yard sales
Earn a tax deduction and help change lives! Drop off any of your gently used items at our area Triad Goodwill locations or schedule a pickup for large items.
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July 25th, 2010
Question: Which of these items can be deducted in my 1040?Or if not where can I go to see which items are deductible?
dental bills
medical bills
hearing aid
toothpaste and other toiletries
family health insurance
prescription drugs
back brace
real estate taxes
state balance due for 2006
return paid in 2008
goodwill contribution(clothing fmv)
atletic club memebership
church donaltions(no single amount over 250)
personal property taxes
neighborhood civic leageAnswer: The place to go to see which of these are deductible is the instructions for Schedule A. The ones for last year are at http://www.irs.gov/pub/irs-pdf/i1040sa.pdf and the ones for this year should be there soon.
dental bills YES
medical bills YES
hearing aid YES
toothpaste and other toiletries NO
family health insurance YES, but not if it was withheld from your paycheck and was not included in your taxable income
prescription drugs YES
back brace YES
real estate taxes YES
state balance due for 2006 Yes, but you should have paid it in 2007 and deducted it on your 2007 return, not waited until now
return paid in 2008 Yes if you mean you state return, no if you mean your federal return
goodwill contribution(clothing fmv) YES
atletic club memebership NO
church donaltions(no single amount over 250) YES
personal property taxes YES
neighborhood civic leage Not sure
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Community Calendar
Deadline for items for the Community Calendar is Wednesday at noon two weeks before desired publication date. Send information on fund-raisers, clubs, lectures, community events, reunions and support groups to Community Calendar, Pioneer Press, 3701 W. Lake Ave., Glenview IL 60026; Fax (847) 486-7495; or e-mail to jmolitor@pioneerlocal.com. There is no charge for …
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Tax Deductions For Homeowners
July 25th, 2010Question: bought first home, now looking at paying off debt vs saving?
I recently purchased my first home and will receive the 8k 1st time homeowner credit. My mortgage aside, I am looking to payoff some debt and would like some opinions. After my mortgage and personal expenses, I will have about 2k per month and a minimal amount of savings (2k), put most into home down payment. Here are my loans
4000 car loan @ 9.5%
3000 personal loan @ 6% (borrowed from 401k for downpayment)
2000 private student loan @ 5%
5000 private student loan @ 4.25%
25000 federal student loan @ 7%
zero credit card debtI’m pretty sure about paying off the 4k car loan, but am hesitant about the 3k 401k loan until I have a bit more saving built up. I figured that I would chip away at the student loans down the road as the interest is a tax deduction. Is it better to pay off some of these debts or save? Plus I want to be prepared for anything that might come up with the house.
Answer: You should payoff the 401k loan first. If you get laid off the 401k loan has to be repaid within 60 days or else you will be charged a 10% penalty plus federal and state income taxes.
That can amount to up to 50% of the amount distributed and you don’t need a $1,000-$1,500 tax bill if you are laid off.
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Horner Wants Cap on State Mortgage Deduction
St. Paul (AP) _ as Minnesota governor, independence party candidate Tom Horner says he would “take a hard look” at tax code carve-outs, including deductions homeowners take on mortgage interest. Horner said Thursday he favors capping the tax deduction homeowners can claim, although he didn’t set an amount. read more
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