The IRS Deductions Blog

Posts Tagged ‘deductible’

Question: Am I in charge of paying for my deductible before insurance will cover?

My deductible is 850 bucks for medical insurance and its 195 a month that I have to pay… so does that mean I have to pay 195/month PLUS whatever my medical bills come up to until I have paid the full 850? If that is so, it seems a little impossible to ever get past my deductible in a year, unless something horrible happens, right? The other option is 268/ mo with a 400 deduct. Mind this is me and my son.

Answer: Why would you want to pay $876 more over the course of the year in order to only lower your deductible by $800 ($400 each)? I will gladly give you $800 in exchange for $876 as many times as you’d like.

As far as the something horrible goes….$850 is a pretty easy hurdle to get to. One emergency room visit would do it.

Don’t look at insurance as something you may not use because the deductible is high. Look at insurance for what it covers on the other side of the deductible. Health insurance is protecting your assets and it’s doing that whether or not you get sick.

It’s like guardrails on a bridge. I personally have never hit the guardrails, but I’m always glad they’re there.

Items on Amazon Right Now for Deductible Medical Insurance:

Health Insurance Premium Increase Discussed

SIDNEY – The Cheyenne County Jail is poised to become the new primary facility for housing male inmates for Deuel County.

Health Insurance Deductibles and Coinsurances

Question: Are medical expenses tax deductible if paid through a flexible spending account?

Answer: No – because a flexible spending account is supposed to be money deducted from your paycheck BEFORE Tax Deductions.
So you did not pay income tax on that money – thereby, you can not use that money as a deduction.

Unless your FSA is something different than most.

Items on Amazon Right Now for Tax Deductible Expenses:

Do You Owe Income Taxes On Blog Income?

Today is tax deadline day in the US and I’m sure there are many people waiting for the last minute to file their income tax returns. In that tradition, I’m filing this online income tax post on the last day.

Using Mint to Track Tax deductible expenses

Question: Is interest paid on Personal Loan used for Home Improvements tax deductible in US?

Answer: No. To be deductible the loan must be secured by the property. By definition a personal loan has no security other than the borrower’s word so the interest is not deductible.

Items on Amazon Right Now for Deductible Home Interest:

Tax Tip: Tricks to Mortgage Interest Deduction

NEW YORK (MainStreet) -On your Schedule A, you can deduct as mortgage interest only the amount charged on up to $100,000 of home equity debt. If you have total home equity debt of $150,000 and the interest on this debt for the year is $9,000, you can deduct only $6,000 ($100,000 represents two-thirds of total equity of $150,000, so only two-thirds of the $9,000 interest paid is deductible: $6 …

Home Mortgage Refinance | Take Advantage on the Right Time

Items on Amazon Right Now for Collision Deductible Reserve Plan:

(CDS) Creative Deductible Solutions and The Collision Deductible Reserve Plan(CDRP)

Items on Amazon Right Now for Ida Collision Deductible:

NEW MLM COMPANY – Auto Insurance Savings!