The IRS Deductions Blog

Posts Tagged ‘deductible’

Question: What sorts of medical expenses are tax deductible? Are therapy, prescriptions and dental deductible?

I recently changed jobs and it is a smaller company. I am paying more and more medical expenses out of pocket and I need to know how I can claim them as deductions.

Answer: Yes all of those are deductible. Just about anything medical except cosmetic surgery and over the counter drugs are deductible.

The whole list of them is talked about in Publication 502 Medical and Dental Expenses – http://www.irs.gov/pub/irs-pdf/p502.pdf

Of course you have to itemize all of your deductions to take advantage of them – not just medical – and hope that they are more than your standard deduction which is based on your filing status. And unfortunately only those medical expenses over 7.5% of your gross income counts.

Items on Amazon Right Now for Deductible Expenses:

The Time is Now to Help

February 10, 2010 | 09:00 AM Dear W.C. I am writing to request help for my daughter. She has been fighting cancer for the past year and is having a very hard time financially. She took a leave of absence from her job but has found herself physically only able to return part-time.

Gays of Our Lives: Wanted, Eskimo Whores!

Question: what is the best health insurance What is the best Health Insurance plan for me and my wife in south Jersey?

I want to buy Health Insurance for me, my wife . I live in south Jersey. I can spend about 300 monthly for Insurance.We are in mid of 30th & we are going to have a baby next year. What all I should look for? It is so confusing. PPO, Deductibles, Coinsurance, and all these plans… I know only a little, and it is very hard making a choice. Please Help!

Answer: Visit your state insurance department’s Web site. You’ll probably find a list of companies selling individual coverage in your state, including those that aren’t handled by brokers. For example, many BlueCross/BlueShield plans — often one of the few choices available in highly restrictive states — prefer to deal directly with customers, or offer such low commissions that they aren’t worth a broker’s time.

The insurance department may provide shopping tips for your state, as well as insurance-company complaint records.

It is a good idea to check with a qualified insurance agent before purchasing a health insurance policy. Health policies can get very complex and can hidden coverages/non-coverages. Start by getting a quote at: http://www.insureme.com/landing.aspx?Refby=614499&Type=health. This web site will allow you to compare prices and find the best price and coverage. It is free of charge and they even give you the option to speak to local agents if you have questions.

I hope that helps!
Ron @ InsureMe

Items on Amazon Right Now for Deductible And Coinsurance:

Retirees burdened by steep medical expenses

Health care is one of the biggest costs to plan for in retirement, even with the federal Medicare program providing basic coverage to Americans ages 65 and older.

Comple-MED (TM) – An Innovative Solution

Question: How do I become a tax-deductible charity?

I want to raise some money to go over to India to carry out some health care work, but I need to raise some money to get there.
Is there a way I can become a tax-deductible charity so people who give money at my fundraising events can get some of it back?

Answer: No. A charity can’t be set up to benefit one person — you — no matter how nice your intentions.

Buy a copy of “How to Live Your Dream of Volunteering Overseas” — it has a lot of advice on fundraising for these types of individual “missions.” Also look through the resolved questions of Yahoo, as questions about fundraising for these kinds of trips have been asked, and answered, oh-so-many times.

Items on Amazon Right Now for My Deductible:

Weird, but this time, no shots directed at Kobe Bryant

Ordinarily, it would take someone pointing a gun at my head to defend Kobe Bryant , and while there are apparently a number of NBA players equipped to do so, let me try to explain why I’m suddenly in Kobe’s corner.

141 Musecast – April 15, 2008 ~ Deductible!

Question: Does insurance deductible apply for buying lenses or spectacles?

My health insurance says $150 is deductible and Spectacle allowance is $100. Does it mean I have to pay the optometrist $150 for some thing first to get the $100 allowance?

Answer: that usually means that after you pay $150 towards the eye exam $100 is allowed towards the glasses/frames

Items on Amazon Right Now for Deductible Insurance:

Obama issues rules on mental-health coverage

Advocates for mental-health and substance-abuse patients have long lobbied for a “level insurance field,” asking for the same kinds of coverage offered for physical ailments.

Aero-TV: Penalty-Free Deployment – Insurance Adjusts CAPS Deductible

Question: Are losses on stock trading tax deductible?

Hi,

Answer: You report all sales on Schedule D of Form 1040. You net out losses and gains, keeping short and long term separate initially and then net out whatever remains. If you have a net short term gain at the end it’s taxed at your marginal rate. If you have a net long term gain it’s taxed at a reduced rate, either 0% of 15% depending upon your marginal rate.

Once you’ve offset all gains and losses against each other if you have a loss at the end you can use up to $3,000 of the losses against other income and then carry the remaining loss forward to the next tax year. You then net that against any gains that year and then use up to $3,000 against other income and carry forward again and repeat this process each year until the remaining loss is used up.

As you are learning the hard way, day trading is best left to the experts with many years of experience. Even they will have losing years as day trading is little more than legal gambling. This year is a particularly brutal one for novices. It was easy to pick winners back in February and March as the market had bottomed out and was recovering. But on any given day it could retreat especially when day traders and short-term investors bailed to try and nail down their profits. Buy and hold investors have made staggering amounts of money since February — many more than quadrupling their stakes — but day traders have frequently taken a bath.

Items on Amazon Right Now for Tax Deductible Losses:

From the right source, reverse mortgages can save seniors’ finances

It’s foolish at a certain age to make New Year’s resolutions. We’ve been there and done that, which is how we got to be our age.

Hobby Losses