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Is This Taxable Income

by TaxMama on August 19, 2010

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?”

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Tax Cuts for Wage-Earners

August 18, 2010

Today TaxMama hears from Chris in the TaxQuips Forum, who puts out a challenge to TaxMama. He says, “Tax mama has advice for business owners. But how does an individual get more money on their paychecks?”

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Dealing with Addicts

July 15, 2010

Today TaxMama hears from someone who will remain anonymous. She was shocked to learn that her man has been secretly abusing drugs for several years. When asked where he got the money? She admitted that he had gained access to an ATM card on an account she wasn’t watching and had depleted that account.
Join [...]

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Substance Abuse

April 15, 2010

Today TaxMama hears from Chris in the TaxQuips Forum, with a common problem. “It was mentioned by TaxMama on a news website today that money spent on substance abuse treatment is deductible as medical expenses. My 24 year old son has been in different forms of treatment over the last 4 years. While he was a dependant [...]

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H&R Block Radio Show – Tax Tips for Individuals

March 29, 2010

Listen here  -  Tax Tips for Individuals                         Read the script of the show below:
PROGRAM 1: Tax Tips for Individuals
Originally aired:   Thursday, March 25    10:00 a.m. – 11:00 a.m. EDT
Introduction – Tax Mama

Welcome and Introductions

o        Thanks for joining
§                    Introduce hosts:
§                    Chris Wilson, Master Tax Advisor
o        Wilson has been a master tax advisor with H&R [...]

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Exotic Medical Travel

February 25, 2010

Today TaxMama hears from Kathy in the TaxQuips Forum with this interesting question. “My client and his young son traveled to Qingdao, China last year for the transplant of umbilical cord blood stem cells from my client’s daughter, for the treatment of quadriplegic cerebral palsy, at the Beike Biotech section of the hospital.  Are the [...]

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Prepaid Medical Insurance

February 9, 2010

Today TaxMama hears from Elaine in the TaxQuips forum, who tells us. “I have a client that is retiring now at age 55. He will receive $185,000 in deferred compensation. The company will withhold $111,000 for lifetime medical insurance for him. Can the whole $111,000 be deducted in the year paid?”

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IRS News – Seven Tax Tips for Disabled Taxpayers

February 5, 2010

Taxpayers with disabilities may qualify for a number of IRS tax credits and benefits. Parents of children with disabilities may also qualify. Listed below are seven tax credits and other benefits that are available if you or someone else listed on your federal tax return is disabled.

Standard Deduction Taxpayers who are legally blind may be [...]

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Medical Amendment

February 9, 2009

Today TaxMama hears from Angie in North Carolina. She tells us, “I have already filed my taxes. I had enough in medical bills to file, but didn’t realize until I had already filed. Gross income was $30,000 and my medical bills out of pocket were $2,400 (which is very unusual). Would be worth while [...]

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Medical Pool

October 15, 2008

Today TaxMama hears from Angela in Georgia with this story. “I do my friend’s taxes. Can he deduct an above-ground pool installation that was recommended by doctor? His wife has MS and needs to do exercises. The doctor felt that exercises done in water will help her. It has not increased the value of [...]

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