Posts Tagged ‘income.tax’
Income Tax Medical Deductions
July 24th, 2011
Question: Medical Tax Deductions ?
I know you can claim any amount of medical costs that exceed 7.5% of your gross income but – does that medical cost include the amount of money that is taken out of your paycheck each month from your employer to pay for health insurance. I looked on google a lot but havent seen anything that specifically says that it does. (although i assume it does).
Also on the same topic, i know you can claim the cost of modifying a car to accomidate a wheel chair. i.e. adding a wheelchair lift or ramp. But lets say you dont have the car yet and buy one that allready has a ramp/lift. Can you claim the entire cost of the 40,000$ van? HA! i assume not. But if not how do you figure the cost of the ramp/lift part of the car to claim just that part? (without getting audited the following year). Thanks – hope someone knows more on this than I.
Answer: 1) Generally, No. That amount usually comes out of your paycheck “pretax” so you have already received the tax benefit. In the highly unlikely event that it is deducted after tax, then you could deduct it.
2) Entire cost? No. However, you can deduct the difference between what the ramp installed van cost and what a non-ramp installed van would have cost.
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Medical Massages – TaxMama.com
Posted in Deductable Medical Expenses | 
Tags: deductions, expense, federal, income, income tax medical deductions, income tax medical deductions 2009, income tax medical deductions 2010, income tax medical deductions 2010 canada, income tax medical deductions dependents, income.tax, medical, medical deductions | 
No Comments »Income Tax Education Deductions
July 19th, 2011Question: How much deduction under tuition fee is allowed under Income Tax (Salaried).?
Is there any limit. I am paying Rs.2900/- pm for one child who is studying in class Prep. The Fee is being shown as Education Fee.
Answer: You can claim up to 1 lakh on tuition fee on the school fee paid to the children u/s 80C. (You can be a salaried person or a business person).
Education fee is nothing but tuition fee. If passable go to the school and ask them to correct the “Education fee” as “Tuition fee” in the school fee receipt. Even if they do not correct it, I am sure it is valied and you can claim the same as deduction u/s 80C. (2900 x 12= 34,800 is fully allowed as deduction u/s 80C)
http://www.rediff.com/getahead/2005/dec/26tax.htm
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Chamber shares important news for business
Back in February, Gary Hayden with Hayden Financials and a long time Chamber member and the Chamber co-sponsored a seminar on the changes to the Cobra laws.
Ryan Sheffield Tax Tips: Education Credits vs Deductions
Standard Deduction Of Income Tax
December 20th, 2010Question: What is the extra standard deduction of $1000. we can have on federal income tax? Humberto Cruz wrote about ?
Answer: Clearly a USA question.
If you own a house, pay property taxes during 2008 and don’t itemize, the tax law for 2008 will allow you to deduct $500 if single/HOH and $1000 if married filing jointly.
Alas, this defeats the whole point of the standard deduction already including property tax.
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Despite 2011 uncertainty, tax moves for 2010 are still possible
The tax package signed into law Friday by President Barack Obama is the most significant new tax legislation in a decade, but what does it mean for you?
Tips & Advice for Income Tax Deductions : Tips for Automobile Income Tax Deductions
Posted in Standard Deductions | Tags: a, federal, how, income, income.tax, standard deduction, standard deduction of income tax, tax | No Comments »Income Tax Health Insurance Deduction
August 11th, 2010Question: How do you acquire Medical insurance in John McCain’s health care plan.?
I checked his web site, and all I could find was that he will eliminate employer deductions for buying health care for employees. So you do not have to be an MBA to know that companies are not going to pay income tax on what they pay of your insurance, so there will be no more employer provided health care.
Also he will give you tax credits(if you pay taxes) for part of the cost. You know insurance companies will just raise their prices by the amount of your tax credit because they can.
So how do you get medical insurance under his plan? What if you have a preexisting condition?
His speech is long and he does not say what he will do till near the end, but if yo want to read it, it is on his campaign web site here
http://www.johnmccain.com/informing/news/speeches/2c3cfa3a-748e-4121-84db-28995cf367da.htm
That will make it difficult to say I found a biased new site.
I have a job. I am a hospital administrator.
Answer: He’ll require that families buy their own insurance on the market, and businesses will no longer give their employees health insurance, and since you won’t be on a group plan, the insurance companies will be able to deny you for any preexisting conditions that you may have and they will be able to charge individual people much more than they can in a group. McCain says that he will give out tax credits for something like $2500 a year, although even with that credit people won’t be able to afford their premiums, let alone any medical charges that occur that the insurance companies won’t pay for (which is already a huge amount, as this is the problem that we have a healthcare crisis to begin with).
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PM slams Vladescu for initiating fiscal reforms
Finance minister announced a set of measures aimed at curbing budget deficit, including the end of flat tax, reducing VAT and introduction of progressive taxation. Vladescu had no green light to announce such measures, an angry premier reacted.
Ron Paul: Introducing the Private Option Health Care Act
Income Tax Home Office Deduction
July 23rd, 2010Question: Independent contractor in Michigan – will having EIN change how much my income will be taxed?
I currently work for a couple of companies and get 1099s at the end of the year. I have an offer from another company but they require me to have an EIN. My concern is that I will end up paying more in taxes by working under an EIN than I am now working under my SSN. (My husband is primary wage earner and we have 2 children – we file long form and claim our home for a deduction as well). It looks like my tax office may have permanently shut down so they aren’t available to ask. Thanks in advance!
Answer: Having an EIN should not affect your taxes. If you obtain the EIN but do not create a corporation, or if you create an S corporation, then you will continue to report all the income on Schedule SE and on either Schedule C or Schedule C-EZ. However, if you create a C corporation, then it will be required to file its own return and to pay tax.
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Ahead of the Bell: Budget deficit
The federal budget deficit likely will top $1 trillion through the first nine months of this budget year, a slightly improvement from last year’s record pace.
Tax Deduction Tips & Advice : How to Claim Home Office Deductions