The IRS Deductions Blog

Posts Tagged ‘deduction’

Question: McCotter, R-MI, supports a tax ded for pets, but doesn’t support health reform?

What is the guy thinking. That is crazy. Here’s a link. What is your view on this?

Answer: I suspect he would support a tax deduction for human health insurance as well. Not that would help America though.

FACT – Insurance companies in the USA admit to pushing up prices, buying politicians and not paying out claims when they should [1]
FACT – PER PERSON the USA spends more on healthcare than any other nation on the planet [2]
FACT – Obama debated his plans before the election for healthcare [3]
FACT – the chance of a child under five of dying in the USA is greater than industrialised nations with universal health coverage [4]
FACT – Obama was elected by the American people to bring in change [5]
FACT – Obama wants to stop insurance companies from screwing the American people [6]
FACT – The reforms Obama wants work in the Netherlands and Switzerland [7]

Let me know if my facts are wrong, but please provide proof.

Items on Amazon Right Now for Tax Deduction Pet Expenses:

Tax deduction for family pet under consideration

In South Carolina, roughly 900,000 people own a family pet, and about 360,000 of those households have two to three pets.

Tax Forms & Deductions : Can I Deduct My Pet’s Medical Expenses on My Taxes?

Question: I currently own my home outright with no mortgage. I am considering a mortgage to pay some bills and remodel.?

What Tax Deductions are available to me? Will this be treated as a purchase or refinance? Thank you.

Answer: It will be treated as a refinance. The mortgage interest you pay will be deductible on Schedule A – Itemized Deductions along with any points that you pay for a mortgage, but you will have to itemize to get any benefit out of the mortgage interest.

Items on Amazon Right Now for Tax Deduction Refinance Mortgage:

Deadlines Loom for Consumers

As 2009 winds down amid talk of an economic recovery, government programs designed to help consumers—from mortgages to car loans—will begin to expire, according to a recent update from the California Society of CPAs.

Tax Credit for First Time Home Buyer Mortgage, $8000 Government Assistance Program for Home Finance

Question: MIleage reimbursement/tax deduction?

I know that the federal rate for tax deduction is 58 cents per mile driven for work related expenses. For my job, I have to take consumers from their home to doctor appoints, grocery shopping etc, and my company only reimburses me 34 cents per mile. Can I deduct the missing 24 cents per mile on my taxes if I have proof of my mileage driven?

Answer: Yes, if you have a log book with dates time and miles on the vehicle at start and finish of the jobs.

Items on Amazon Right Now for Mileage Tax Deduction:

Legislators receive $3,203 pay hike for 2009

The House and Senate There were no roll call votes in the House or Senate last week. Beacon Hill Roll Call this week examines the 2009 salaries and other benefits received by the Bay State’s 160 state representatives.

Tax Deduction | Tax Filing Tips For Faster And Easier Filing By Drew Miles

Question: If I pay AMT, is mortgage interest for my primary residency deductible?

Are charitable or any other Itemized Deductions allowed under the AMT? Thanks.

Answer: Interest used to buy home: Yes.
Interest from HELOC to do anything else unrelated to the home: No
Charitable Contributions: Yes
State Taxes: No
Property Taxes: No
Peronsal Exemptions: No.

The interest from your primary mortgage and your charitable contributions are still deductible under AMT. The biggies that aren’t are state and local taxes, personal exemptions as well interest on loan not used to buy or improve the home.

Items on Amazon Right Now for Mortgage Deduction Amt:

Hayes explains individual income tax fundamentals

St. Clair County — It’s less than 30 days until tax day. April 15th will be here before we know it, so here are some basic fundamentals you need to know if you’re planning to prepare your own individual income tax return.

Late-breaking Tax Law Changes