The IRS Deductions Blog

Posts Tagged ‘expenses’

Question: If McCain is elected I will loose 4,000 ayear, how about you?

McCain advocates implementing 5000 tax health care credit, this will trigger employers to discontinue health benefits, since they will not be tax deductible. (cannot deduct the same expense twice)

Currently I pay 300$ a month for my employer provided plan which in reality cost 13,200 a year. The difference between what I pay now 3900 a year and what I would pay under McCain plan would be 13,200 – 5,000 – 3,900 = 4,300. I will loose net 4k a year!!!
“…not my pastor” I am talking about my employer, who I BET will drop the insurance coverage. Others will definitely scale back the coverage and 5k is not enough to buy a good plan… never mind it will cost billions in tax $.
elmjunburke.. I am confused, so you are saying he is either lying or will not be able to achieve it? Why would I vote for him then?

Answer: $300 a month for a family coverage plan? My guess is you are not being played for a sucker, as another said, but rather you are getting a bargain price.

My coverage was $120 for just me, but my husband paid $300 for JUST him and one child. That meant together we were paying $420. When I joined his plan, after leaving my job, he picked me up on his insurance, and they charged him an additional 80 for adding an adult. It still cost us 380.

I haven’t investigated McCain’s policy yet, but it won’t surprise me if it hurts us.

Items on Amazon Right Now for Tax Deductible Health Care:

No easy answers for health care problems

EDITOR’S NOTE: Central Michigan University senior Sarah Schuch studied the issue of health-care coverage for college students for her CMU Honor Program senior project.

Volunteer Abroad Philippines Health Care Programs Medical Nurses EMT’s Dentists

Question: Can I deduct fertility treatment expenses if I used an FSA or HSA card?

I know that fertility procedures are tax deductible. My wife and I tried IUI and motility tests for me. Virtually all of it was paid for with her tax free FSA card and my tax free HSA card. Being that they are pre-tax accounts, would it still be deductible?

Answer: No, if you pay for something with pretax dollars, you’ve already gotten the tax break/deduction so can’t deduct it again.

Good luck though with the treatments.

Items on Amazon Right Now for Hsa Deductible Expenses:

Media Contacts

Proposed health care legislation in the U.S. Senate could eliminate tax-advantaged savings accounts used by thousands of Americans, even as evidence suggests they have helped lower health care costs.

Deductibles and Coinsurance: Health Insurance Terms to Know

Question: Does anybody know how to deduct business expenses peculiar to a specific partner in a Subchapter S?

A Subchapter-S had three partners. the books are closed and taxes done for the Corp. Partner A has deductible business expenses which are uniquely his. There is a way to deduct this for a partnership (1065)…but is there a way for a subchapter S?

Specifically, what form is used, assuming a positive answer…
1. Although they are legally shareholders, they are treated for tax purposes as partners.

2. These deductions-supplies, small equipment, etc., would be “off-the-top” if paid directly by the 1120-S. Deducting on a 2106 or on schedule A would seriously dilute, if not negate completely their impact.

3. The articles, etc. are silent as to this type if circumstance, and the tax return has been finalized.

Answer: 1. What kind of expense was it? Was it incurred in the guise of the shareholder (equity interest) or as an employee (unreimbursed business expense)?

2. What do the articles/agreements say? This is treated somewhat like a partnership. Not in writing, it’s a contribution to capital.

Items on Amazon Right Now for Business Deductible Expenses:

New Short-Sale Programs Offer SC Foreclosure Alternative

As the foreclosure crisis continues to deepen across the United States and in South Carolina, there are several new options available to distressed homeowners.

Tax Tips & Information : Are Hobby Expenses Deductible Under Federal Income Tax Laws?

Question: what is a lipid evaluation charge on my cardiac med labs?

I had my usual pre cardiologist visit labs. He had asked for three items.
1) lipid evaluation
2) AST SGOT
3) ALT SGPT

When the charges came in there were four charges. Pretty nebulously annotated as usual:
OUTPT LAB $22
OUTPT LAB $91
OUTPT LAB $21
OUTPT LAB $21
The lab says the $91 charge was for the “lipid evaluation” by a pathologist. My question is; What is there to evaluate? Just do the lab work, post the results, and the cardiologist or anyone with a web browser can “evaluate” the results. There are plenty of published guidelines for Total Cholesterol, Triglycerides, HDL, LDL, and CHOL/HDL ratio. I pay for these labs out of my pocket since my deductible is so high and I don’t need a spurious charges. I feel like I am being robbed.

Answer: Hi,

Yes, these charges are rather silly in my opinion. I am a clinical lab scientist and we are actually the ones that review the labs before releasing them to the physician. It’s not like we can charge a patient for this. There is no way that a pathologist reviews all of the lab results for every patient. I would ask them if it was evaluated then you would like a copy of the pathologist intepretation for every single one of the charges and see what they have to say.

NS
Lab Tech

Items on Amazon Right Now for Deductible Ratio:

Local Leads: $41M to Shovel Snow

Need a quick look at D.C.-area news? Local Leads is your one-stop shop. Read it. Use it. Love it.

RBI’s triple action

Using plastic covers, old newspaper, and old clothes in various ways is one way of producing cheap movies supplies. Another way is looking for cheaper offers on certain weekdays. The prime requirement of those who are forced to shift frequently is the cost of moving. And the way a raft would do as good a job as a motorboat in the hands of a skilled navigator; improvised supplies can amply suffice if used carefully.

There is the story of a man who spent all his time in complex calculations to manage his expenses within his limited income. As a result, later in life he became an expert economist. Those who move frequently can also, like the man, afford to do some solid planning on how to use the available stuff around to manage the moving within their means. Even if they may not become economists in later life, they will be able to give a tip or two to others on managing with cheap moving supplies.

Since many suppliers of moving supplies give customization options, buyers can choose to have only those things that are absolutely necessary. While they may not be able to compromise in the case of strong moving boxes, they can opt not to have some of the other things in the kit and use instead their own cheap moving supplies. They can have their own highlighting pens as box markers, and use their old bags instead of tote bags.

Those who have the space to store things, and the facility to store without making the collections a home for rats or spiders, can store any amount of cheap moving supplies. The plastic covers that we throw away every day can be cut into big and small strips and collected to substitute for bubble wrap. So far as time allows, old newspapers can be cut to make loose fill for cheap moving supplies. The whole shifting rigmarole would work out much cheaper that way.

Moving boxes designed to carry breakable objects like glasses will have compartments within it for each item separately, and loose fill in between. To balance the cheap moving supplies equation, one can dispense off with these specially designed cases. Old clothes can be cut and wrapped around in as many layers as necessary around the breakable objects as substitutes for cardboard partitions and loose fill.

Some companies have offers of special kits on certain days, which they offer at a lower price. Those who have patience with browsing the Internet can be on the lookout for such deals and order them on the days that they come cheap. That is one way of getting cheap moving supplies. There are other moving companies, which charge less on days other than holidays or weekends. They offer cheap moving supplies and cheap transportation rates on those days. Those who can keep track of all these are definitely bound to get a better deal.

Items on Amazon Right Now for Deductible Moving Expenses:

Working the System: One Cancer Patient’s Story

James Mannett’s ordeal can provide lessons for all of us about how to defend our own financial interests, even when we’re at our most vulnerable.

Tips for Filing Taxes : Moving Expense Tax Deductions