Tax deductions: medical costs of home improvement

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• Individual tax calculations and deductions

  In this case, no portion of the tax prep fee will be allowed. 28. Medical deductions: Susan can claim all valid medical expenses for herself, Beth and Ed. Ed qualifies because he could have been claimed except for his retirement income.

• limitations within itemized deductions

  Medical total of $23,000 - 18,000 (7.5% of AGI) = $5,000 Casualty of $26,000 - 24,000 (10% of AGI) = $2,000 Tax preparation fee of $1200 - 4,800 (2% of AGI) = 0 Total itemized deductions are $10,000 + 13,000 + 17,000 + 15,000 + 5,000 + 2,000=

• Five major deductions and two credits to reduce tax liability

  for married taxpayers filing a joint tax return 2) Car and Truck Expenses When a car, truck or other kinds of vehicle are driven for the purposes of business, medical, moving, relocating, and charitable service, the cost is tax-deductible.

• AMT and Wolfgang's Itemized Deductions

  He has the following itemized deductions for 2007: Medical expenses [$12,000 - (7.5% x $140,000)] $1,500 State income taxes $4,200 Charitable contributions $5,000 Home mortgage interest

• Home Office Deduction

  She deducted 100% of her $26,312 of legal expenses incurred for two legal actions. The IRS disallowed the legal expense. She took the case to Tax Court, The court allowed her to deduct 50% of the legal costs on Schedule C for the IT business.

• What is your payroll cycle at work? Besides your salary, what other liabilities can you identify that might appear on your company's balance sheet related to compensation? Hint: look at your pay stub.

  There are two types of withheld amounts. 1 Required deductions. 2 Optional deductions. It includes FICA taxes,(Social security tax and Medicare tax) etc. The FICA tax is computed as per the current FICA tax rate.

• Time Card & Net Pay Calculation

  = 1,456 tax He would also have an earned income credit of 1,394 so if no withholding was done his tax would be 62 dollars.

• Medical Expenditures for Individual Taxpayers

  Which of the following statements best explains why Scotty is not required to report the reimbursement in gross income? a. Scotty itemized deductions in 2006. b. Scotty did not itemize deductions in 2006. c. Scotty itemized deductions in 2007.

• Changes in Itemized Deductions

  The second tax reform discussion I want to conduct is modification of itemized deduction for medical expenses.