Deductions and Write-Offs
The most frequently asked tax questions related to Deductions and Write-Offs
Fertility Enhancement
Asked Tuesday, February 21, 2012 by an anonymous userCPA 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.
Also, surgery including an operation to reverse prior surgery that prevented the person operated on from having children.
Stop Smoking Program
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can deduct as a medical itemized deduction subject to the 7.5% limitation the cost you paid for a Program to stop smoking.
You cannot deduct the amounts you paid fro drugs that do not require a prescription such as nicotine gum or patches that are designed to help stop smoking.
You cannot deduct the amounts you paid fro drugs that do not require a prescription such as nicotine gum or patches that are designed to help stop smoking.
Maternity Clothes
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You cannot deduct the costs of Maternity clothes.
Life Insurance Premiums
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You cannot deduct the costs of Life Insurance Premiums.
Chiropractor
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can deduct as a medical itemized deduction subject to the 7.5% limitation the cost you paid a chiropractor for medical care.
Payroll deductions for Health Insurance
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
Payroll deductions automatically withdwawn from your paycheck for medical insurance is a deductible medical itemized deduction.
This amount can be added to your other medical expenses such as for your doctor, dentist, prescribed drugs, eyeglasses and mileage to travel to those locations.
This gross medical expense calculation is subject to the 7.5% limitation.
This amount can be added to your other medical expenses such as for your doctor, dentist, prescribed drugs, eyeglasses and mileage to travel to those locations.
This gross medical expense calculation is subject to the 7.5% limitation.
Acupuncture
Asked Tuesday, February 21, 2012 by an anonymous userCPA Answer:
You can include in the calculation of Medical itemized deductions as medical expenses subject to the 10% / 7.5% limitation the amount you paid for acupuncture.
Psychiatric, Psychoanalysis or Psychologist payments
Asked Tuesday, February 21, 2012 by an anonymous userCPA 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.
You cannot include payments for Psychoanalysis that is part of required training to be a Psychoanalyst.
Job hunting
Asked Thursday, February 09, 2012 by an anonymous userCPA Answer:
Job hunting expenses looking for a new job in your present line of work is deductible as an itemized deduction subject to the 2% of AGI limitation.
Expenses would include the costs or resumes, agency fees, transportation to interviews, newspapers bought for employment advertisements.
Expenses incurred looking for a new job in a new trade or business is not deductible.
Expenses would include the costs or resumes, agency fees, transportation to interviews, newspapers bought for employment advertisements.
Expenses incurred looking for a new job in a new trade or business is not deductible.