The IRS Deductions Blog

Posts Tagged ‘reference’

Question: Is your annual town motor vehicle tax deductible on federal taxes?

Answer: There are some who deduct them , after all it is a tax and it would be a double taxation,
A tax is a fine or penalty ; EEOC vs Corporate Systems , it isn’t hard to find several hundreds

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Nonprofit news

MILLWOOD: The Food Bank for Westchester recently hosted its second annual Give Back Olympics.

How to meet your annual deductible by January

Question: What do you think of health care insurance that covers 90% of a hospital stay?

It offers a $500 Family Deductible, after that, 90% of a hospital stay, $20 for a Primary Care office visit, and $30 for a specialist visit.

Answer: I don’t like it. You could end up with a really big hospital bill since they add up quickly. The rest is pretty standard.

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Yellow Pages

Clarkfield, Minn. — The Clarkfield City Council finalized their discussions on employee raises at a special meeting on June 22.

What is a Deductible For Health Insurance?

Question: the phrase cheap labor is it a myth, a farce and a lie?

there is no such thing as cheap labor.take for example, an illegal mexican who sneaks in here with his wife and five kids .he takes a job for 5 or 6 dollars an hour. at that wage with six dependents he pays no income tax, yet at the end of the year, gets an earned income credit of up to 3,200 free.he qualifies for section 8 housing and subsidized rent, food stamps and free no deductible, no co- pay health care.his kids get free breakfasts and lunches at school, and require bi- lingual teachers and books that we the tax payers provide.he doesnt have to worry about car ins, life ins or home owners ins. we the taxpayers provide spanish language signs, bulletins and printed material.he cannot be fired, harassed, or sued.he and his family receive the equivalent of $20 to $30 an hour in benifits .

Answer: WOW you sure got that right. I had thought making $4 an hour was bad, but, then, they don’t pay taxes, or FICa or Social Security, or medical insurance. WOW I realized after my deductions I make about $3.80 an hour
DAMM WET Backs get more than me.

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Health care reforms coming by October for some chronically ill

Thousands of uninsured Michiganders rejected by insurers because of chronic health problems will be able to buy affordable coverage by October when they enroll in September.

Health Insurance Basics (College Health Guru)

Question: Looking for financial calculator/advice?

I am looking for someone or something to answer this question for me. I have a home mortgage at 5.75% with 28 years on it fixed, and I also have a student loan at 4.125% with 25 years on it fixed. The mortgage is around $200k, and the student loan around $30k. I need to know if it is better to pay off the student loan first, and then use that extra monthly payment to pay off or down the mortgage, or is it better to pay down the mortgage since it is at a higher interest rate. Both payments are tax deductible, and I am in the 28% tax bracket. I have no other debt. I am working on creating a savings account to cover expenses in case of an emergency, and I contribute the max each year to my ira account. I can not get a 401k. I have 2 young children, that I need to start saving for their college, but have not done so yet.
Anyone know of a good calculator that will let me plug in my numbers to see where I can obtain the best results with any extra income? Thank you.

Answer: In general, you always want to pay your most expensive debt off first, however, in your case, you have excellent rates on both loans, and you’re not really in a position to be concerned about paying off the debt in a hurry. You have other priorities, so just pay the minimums. The last thing you want to do is tie up money you may need to use for retirement/childrens education in the equity of your home (which does not affect the market value of your home in the least) and then have to resort to a home-equity loan at a higher rate than you are currently paying for the mortgage if you need the money down the road. Additionally, both your rates are low enough that if you invest any money beyond what is required to make the minimum payment, you will come out significantly ahead in the long-term.

As far as saving for the kids for college, you need a knowledgable financial planner to look over your total assets and income to put together some projections. Your income, which you didn’t mention, is what will have the most significant impact on anything you would like to do. Future inheritences can also play a role in long-term planning.

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Look beyond mortgage tax deductibility

A homeowner wonders about a second mortgage’s tax deductibility.

Personal Financial Advice : Is a Home Equity Line of Credit Tax Deductible?

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Alameda Letters to the Editor

Schools help make Alameda uniqueWe Alamedans pride ourselves on our unique way of life. We have quiet, safe streets and a relaxed family-oriented local culture.

Tax Deductions for Job Hunters in 2009