Explore BrainMass
Share

Explore BrainMass

    Family-Based Deductions allowable in taxation

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    Identify at least two examples of family deductions. How do these deductions aid families? Please include some discussion on the pros and cons of allowing such deductions.

    © BrainMass Inc. brainmass.com October 10, 2019, 3:34 am ad1c9bdddf
    https://brainmass.com/business/accounting/family-based-deductions-allowable-taxation-425485

    Solution Preview

    Two examples of family deductions are medical expenses and education.

    The medical expenses deduction aid the family by allowing them deductions of medical expenses for the prevention, diagnosis, or medical treatment of physical and mental illness plus any amount paid to treat a family member including dental and eye care expenses (www.irs.gov). You can only deduct the total medical care expenses for the year exceeds 7.5% ...

    Solution Summary

    This solution of 199 words provides examples of family deductions and also includes the pros and cons of allowing such deductions. References used are included.

    $2.19