Medical

Taxes After Death

April 30, 2012

Today TaxMama® hears from Darlene in the TaxQuips Forum with this question. “A couple has filed married filing separately for at least 4 years. About 3 years ago he went into a nursing home. She continue to file married filing separately, preparing his return for him also. The nursing home took just about all his [...]

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Long Term Care Insurance

March 22, 2012

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Today TaxMama® hears from Connie in the TaxQuips Forum with an excellent question. “I have a long term care insurance policy that I took out last year. This insurance is to cover you if you are put in a nursing home or other type of care facility; it is not long term disability insurance. I [...]

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Eight Things to Know about Medical and Dental Expenses and Your Taxes

February 17, 2012

Courtesy of the IRS If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things the IRS wants you to know about medical and dental expenses and other benefits. Share this:

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Nursing Home Costs

January 11, 2012

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Today TaxMama hears from Susan in the TaxQuips Forum with an ever more common situation. “My dad (age 88) is in a nursing home because my mom can no longer care for him. I wanted to know which nursing home expenses are considered medical expenses.” Share this:

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In 2012, Many Tax Benefits Increase Due to Inflation Adjustments

October 21, 2011

WASHINGTON — For tax year 2012, personal exemptions and standard deductions will rise and tax brackets will widen due to inflation, the Internal Revenue Service announced today. By law, the dollar amounts for a variety of tax provisions, affecting virtually every taxpayer, must be revised each year to keep pace with inflation. New dollar amounts [...]

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HSA Questions

June 6, 2011

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Today TaxMama hears from Tawfiq in the TaxQuips Forum with questions. “Can I deduct my qualified medical expenses with other itemized deductions if I used HSA funds to pay them? And where can I find health insurance that specifically qualifies as an HSA (Health Savings Arrangement)? Share this:

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Umbilical Cord Blood

March 22, 2011

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Today TaxMama hears from Angela in the TaxQuips Forum, who did something clever “When my children were born I paid for a service to have their umbilical cord blood stored (stem cells). We pay a yearly storage fee (about $200), and have not been able to use our Flexible Savings Account for it in the [...]

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Medical Massages

February 3, 2011

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Today TaxMama hears from Angela in the TaxQuips Forum, who wants to do this. “I’m trying to maximize my deductions and this is the first time I’m able to use medical deductions. My husband is unemployed and has high co-pays and COBRA payments. When I was reading the IRS info on what can be deducted, [...]

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NO NURSING HOME FOR ME!

September 3, 2010

About two years ago my wife and I were on a cruise through the western Mediterranean aboard a Princess liner. At dinner we noticed an elderly lady sitting alone along the rail of the grand stairway in the main dining room. I noticed that all the staff, ship officers, waiters, busboys, etc. all seemed very [...]

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Is This Taxable Income

August 19, 2010

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Today TaxMama hears from Karen in California in the TaxQuips Forum, who tells us. “My father died from lung cancer that was determined to be caused by job conditions. My brother and I may be receiving a one-time survivors benefit compensation check for a large amount of money. Will this be taxable income?” Share this:

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