The IRS Deductions Blog

Posts Tagged ‘deductible reimbursement policy’

Question: can someone look over my car insurance policy to see if i have enough insurance coverage without overcoverage?

what parts of the insurance do i need and not need? what parts of the policy to i need to increase the limits or decrease the limits?

Coverages
Limits of Liability
Premium

Bodily Injury**
$50,000/$100,000
$128.34

Property Damage
$100,000
$75.70

Uninsured/Underinsured Motorist
$50,000/$100,000
$31.31

Uninsured Motorist Property Damage
$100,000
$6.20

Collision
$500 Deductible
$212.27

Comprehensive
$250 deductible
$64.79

Towing and Labor
$100
$7.00

Rental Reimbursement
$30
$20.48

Personal Injury Protection Plan
VA01
$41.94

Discounts Applied

Premier Plus Level 3

Anti-Lock Brake

Good Payer

Passive Restraint

Premium per Vehicle Premium

Vehicle Estimated Premium
$588.03

Answer: I live in the UK so don’t know what parts are compulsory i.e. you must have, however in my view $100,000 personal injury cover in the USA is pathetic. If you injure someone you will be sued for $1,000,000 plus – so I would advise you getting substantial extra bodily injury cover. In the UK we are covered for $20,000,000 property damage.

At the end of the day it is up to you to decide if the benefits provided offer reasonable value for money. I can see reasons for them all.

Items on Amazon Right Now for Deductible Reimbursement Policy:

County officials offer explanation of why vehicles are self insured

The purpose of this letter is to respond to letters written to the editor (Pilot, April 2, and April 6). The letters generally complain about the county’s practice of self-insuring automobiles in light of the recent destruction by fire to the county’s sheriff vehicle.

Lack of Motorcycle Insurance Can Really Hurt You!

Question: Can contractors have the following tax deductible?

I lived in CA last year. My company sent me to work for another company in MI (onsite support) for 3 months. When I drove from CA to MI, I lived in the hote all the time. Comapny didn’t give me any reimbursement because it is the contract position. After 3 months, I came back to CA again to work for a contractor too.

1. Are meals and hotels tax deductible?

2. How can I deduct the mileage that i drove from CA or MI, and from MI to CA?

3 . How can I deduct the deprecation of my car here?

Answer: 1. All expences incurred by you to work away from home is deductable. Meals will be on a daily rate per day times the days away from home and that daily rate depends on the location because different areas have different daily amounts due to living cost per area and all lodging cost are deductable.

2. All mileage is the alowable cost per mile traveled from place of workplace area to home and home to workplace area but not the milage traveled on a daily baises to jobsite.

3. I dont think depreciation will work for you since cost per mile is calculated for total cost to you but if your vehicle is used totaly for work purposes that may be possable.

Items on Amazon Right Now for Deductible Reimbursement:

SquareTrade 2-Year Accident Protection + Warranty (Cell Phones) $124.99 Accidental Damage from Handling (ADH) guards you against life’s little mishaps, whether you drop your cell phone on the street or splash coffee on your laptop.  ADH must also be purchased within 30 days of when you bought your item. ADH coverage begins on the 31st day after the item’s purchase – issues in the first 30 days are not covered. Upon purchase, you will get an email confirmation.  You …

NeatReceipts Scanner and Software for Expense Management and Reporting $209.95 …

NSBA Unveils Small Business Health Care Reform Checklist

WASHINGTON, Jan. 12 /PRNewswire-USNewswire/ — The National Small Business Association (NSBA) is calling on Congress to make needed changes to the final health care bill in order to win the support of small business. A staunchly nonpartisan small-business organization heavily engaged in the ongoing debate, NSBA has compiled a comprehensive list of what small business wants in a final bill. This …

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