The IRS Deductions Blog

Posts Tagged ‘income’

Question: Is ELECTIVE egg harvesting reimbursable from Flex Spending?

IRS guidelines for Deductible Medical expenses and those reimbursable under section 125 of the Flexible Spending provsion state that fertility treatments (including IVF) are eligible if used to “overcome an inability to have children”. I have not been diagnosed with fertility and have not been trying to get pregnat, but I am wanting to extend my fertility by harvesting eggs and freezing them or resulting embryos (should I choose to fertilize before freezing) for potential use in the future.

I am at an age where fertility is generally accepted to be diminished but I have no medical evidence or diagnosis of infertility.

Answer: Basically anything that is elective is not allowed. In saying that, I can think of half a dozen exceptions, but this isn’t one of them.

I’d love to add to this, to offer suggestions of ways you might be able to finance this or get around tax, but there’s nothing. This just really doesn’t count under any of the rules.

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Umbilical Cord Blood – TaxMama.com

Question: With as much time as we spend here on Y/A, can we claim our computers as a Tax Deduction?

Answer: I wish I was getting paid to spill my vast amount of knowledge everyday on here.

HA! HA! HA! =)

Items on Amazon Right Now for Tax Deduction Computers:

QuickBooks Enhanced Payroll 2012 $116.99 Financial Management – Standard Retail – CD-ROM – PC…

Quicken Rental Property Manager 2011 – [Old Version] $59.96 It shows how your rental properties are doing and where you’re spending at a glance. The Intuit Quicken Rental Property Manager 2011 Software identifies tax-deductible rental property expenses so you can maximize your tax deductions. It shows which rents have been paid so you know who owes you money and stores lease terms, rental rates and security deposits for each tenant….

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Can I Deduct the Cost of a New Computer on my Taxes?

Question: Can I contribute to an FSA through my employer if I’m covered by my husband’s HDHP insurance w/ HSA?

My daughter and I are covered by my husband’s health insurance through his employer. We have a High Deductible Health Insurance Plan and contribute to a Health Savings Account through my husband’s payroll deduction.

Through my employer, I have only elected to have Vision coverage. So, can I set up a Flexible Spending Account through my employer and contribute through my own payroll deduction? I’m asking b/c I would like to have an FSA to pay for my daughter’s daycare expenses so that I may take advantage of the tax benefits of doing so. Thanks!

Answer: This is a question that can only be answered by your HR dept. If they offer an FSA for childcare expenses and medical expenses, it does not matter that you only have vision.

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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: …

Health Savings Account Overview

Question: How much of my mortgage interest is deductible?

I paid around $7500.00 in interest on my home loan. last year. Now without including my mortgage interest I owe the govt around 4400.00 dollars and was wondering when i include my mortgage interest will that help offset what I owe them. And I made about 70,000 last year and only paid about 4000.00 in federal taxes

Answer: All of your interest plus your property taxes are deductible. The $4000 paid in seems low for that income level, so I suggest going through the IRS publications looking for as many deductions as you can. Given that the mortgage interest is above the standard deduction and if you add in property taxes, you should be able to shave that amount owed down some.

Items on Amazon Right Now for Deductible Home Mortgage Interest:

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Great Remodeled Ranch Home

Question: Is your healthy insurance premium tax deductible? Is it better to do a group plan or individual plans?

I have a small company with three employees – is it better we get a group health insurance plan or all get individual plans? what are the tax benefits? I was told you can deduct more of the premiums if you are a company rather than an individual?

Answer: I have been a tax accountant for 27 years. I do not have enough information to give you a reliable answer to your question. However, you should look into a relatively new tax development called the HRA or HSA. Your bank should be able to provide you with information as to how these plans work. They are very flexible and work only when people purchase high-Deductible Health plans. The HRA or HSA accounts are used to pay out-of-pocket medical expenses (but not the insurance premiums) such as your deductible or co-pays under the plan. They are like IRA accounts for your health. I like them a lot. Please don’t be a fool; consult a tax professional. You are in a very complicated area of tax law.

Items on Amazon Right Now for What Is Health Plan Deductible:

High Deductible Health Plan