The IRS Deductions Blog

Posts Tagged ‘health’

Question: How much London costs?

A friend of mine got a job offer in London; the net salary after tax deduction is 4200 pounds(monthly), is that enough for his family (wife+12 year old girl+20year old boy)????
So far he might live there with his wife and daughter until his son finishes study.
Are the 4200 enough for them to live there? I know you gona tell me that London is divided into zones..etc.
So let’s assume he will stay at the low price zone, is that enough for him?
Any good information you can provide for a person moving to London?

Cheers
thanks guys for answers, but now we got different answers, the first answer drew a bright picture for my friend’s family while the third answer warned from expenses!!!!
which one is closest to reality?
cheers.
sorry, gys i did a mistake, the slary is NOT 4200
it is 2100 Pounds.

Answer: I’m a Bangladeshi female, my husband was a student in London and used to do some part time job. Our monthly income was only 1200 pound, I didn’t have any job. We used to share a flat in central London with my cousin. We could manage flat rent, food expenses, telephone bills, Internet bill and other cost with that amount but we could not save any.

I think 4200 pound monthly is fair enough. Your friend will need to have a 3 bed room house/flat which may have rental cost 1000 -1200. I guess his daughter and son will need to get admitted in schools and universities. University will cost a lot. But his son can do some part time job. His wife also can do some job ( Provided that they have work permission, I believe they will have that).

Food will cost around 500-800 pounds for 4 people. Other costs ( credit cards, telephone, Internet, TV, Utility) will cost maximum 1000.

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Michael Hudson: GOP Cries Wolf on Debt Ceiling In Order To Impose Radical Pro-Rich Agenda

Question: Right HSA amount for tax savings?

For a married person with annual salary 100K (deductions = 5), what should be the ideal amount to be put in HSA (flexible spending account)?

Next year’s premiums has increased considerably and am trying to see if by contributing to a HSA (employer sponsored) can save me some money.

Appreciate your thoughts!
Its FSA and not HSA.

Answer: The “ideal” amount is whatever you expect to spend on eligible medical care. Only you are in a position to know what your expenditures might be. Anything left in the account at the end of the year is lost. And any expenditures over and above the amount that you put in get no benefit from the tax free status of the deposits.

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HSA eligibility when spouse has non-HDHP family coverage.(health savings account, high-deductible): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2005. The length of the article is 843 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: …

HSA for S Corp Owner – TaxMama.com

Question: What does your employer call your High-Deductible/HSA plan?

If your employer offers a high deductible plan tied to a health savings plan (HDHP/HSA) (commonly known as a consumer-driven health plan, what do they call it? Is there a special name for the plan, or do they just call it the “high deductible plan”?
I’m just interested in how different plans are marketed to employees. I’m planning to rename our plan, and am looking for ideas!

Answer: The proper name is “High Deductible Health Plan“, which is the origin of the acronym HDHP. (The savings plan, properly known as a “health savings account”, is the HSA.)

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Understanding Your Deductible Plan

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Question: tax deduction for the single family home mortgage?

for the example purpose, say i want to purchase a home worth of 400000. Assume I get a loan ( 6% int rate for 10 years) for this amount. I get the standard duction of 10000 every year when I pay income tax. In addition to the 10000, how much more can I deduct because of the home purchase ?….what is the maximum amount allowed by IRS to deduct because of the home purchase ?

Answer: I think there is one major thing you’re over-looking.

The started deduction for married filing jointly is $10,700.

If you choose to deduct your mortgage interest, you’ll have to itemize your deductions and not take the $10,700 standard deduction.

You need to go through a Schedule A and total up all of the deductions you can take. If it doesn’t come to more than $10,700, you’re better off just sticking with the standard deduction.

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Drop in giving feared from tax change

Three of four fundraisers expect donations to their charities to drop if Congress enacts into law a White House proposal to limit the charitable deduction, a new poll says.

How to Complete a 1040A Tax Form : 1040A Education Credit Tips