Can I Deduct?

Employer Reimbursements - Accountable Plan

Asked Tuesday, February 28, 2012 by an anonymous user

CPA Answer:

If you are reimbursed under an accountable plan, your employer should Not include any reimbursement in your income in box 1 of your Form W-2.
To be an accountable plan, your employer's reimbursement arrangement must require you to meet all three of the following rules.
Your expenses must have a business connection—that is, your expenses must be deductible under the rules for qualifying work-related education.
You must adequately account to your employer for your expenses within a reasonable period of time.
You must return any reimbursement or allowance in excess of the expenses accounted for within a reasonable period of time.
If your expenses are more than your reimbursement, you can deduct your excess expenses on Form 2106.
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Can I Deduct?

Value of my time donated to a charity

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

You cannot deduct the value of your time or services rendered to your charitable organization.
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Can I Deduct?

Blood given at a blood bank

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

You cannot deduct the value of blood given at a blood bank.
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Can I Deduct?

Deduction for the time spent on a job that I did not get paid for

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

You cannot claim a tax deduction for time spent on a job where you did not get paid. All materials used and payroll paid to employees’ on the job will be expensed.
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Can I Deduct?

Can I deduct the student loan interest reported in my child's name and S.S. number?

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

No. If the parents are not legally obligated to repay the loan they cannot deduct any interest the dependent pays.
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Can I Deduct?

Teeth Whitening

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

Teeth Whitening is not deductible even if performed by a dentist.
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Can I Deduct?

Hearing Aids

Asked Thursday, February 23, 2012 by an anonymous user

CPA Answer:

You can include in medical itemized deductions subject to the 7.5% limitation the cost of a hearing aid plus its batteries, repairs and maintenance needed to operate it.
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Can I Deduct?

Psychiatric, Psychoanalysis or Psychologist payments

Asked Tuesday, February 21, 2012 by an anonymous user

CPA Answer:

You can deduct as a medical itemized deduction subject to the 10% / 7.5% limitation the costs you paid for Psychiatric, Psychoanalysis or Psychologist for medical care.
You cannot include payments for Psychoanalysis that is part of required training to be a Psychoanalyst.
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Can I Deduct?

Fertility Enhancement

Asked Tuesday, February 21, 2012 by an anonymous user

CPA Answer:

You can deduct as a medical itemized deduction subject to the 7.5% limitation the cost of procedures such as in vitro fertilization including temporary storage of eggs or sperm.
Also, surgery including an operation to reverse prior surgery that prevented the person operated on from having children.
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