 Do you support the Fair Tax? |
I just think it makes more sense. People should be able to keep 100% of their pay check. We should replace the IRS with the Fair Tax.
http://www.fairtax.org/s... |
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 What does a prospective employer do once they have your previous w-2? |
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 Stimulus check? |
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 Accountants help! Is 10% of your paycheck taken out in taxes not enough or a lot? |
| I'm debating on goin to HRBlock this year. We usually do, but I'm not sure if our return will be worth it this year. One job had 10%taken out for taxes, just worked out that way. $10,000 ... |
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 Do u file 06 taxes in 08 or 07s? |
my friend says that taxes is a year behide.she say that u clam 06 in 08. is that true? i also thoght is the year be4, like 07 in 08.
what year dose she file now 06 or 07?... |
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 Can i deduct the mileage i used to take my mother in law to and from her doctors appointments? |
| I take her at least a couple of times a week. It is 43 miles each way. She is not capable of taking herself to her appointments.... |
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 Why is child support not a tax deduction and alimony is? Either way the ex spouse spends it as she pleases.? |
| Can someone give me more info? Or who to contact. I need to research for an Activist English paper regarding this issue. Thanks!... |
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 I made about $12,000.00 last year.I did not have any federal taxes taken out.Will I owe any taxes? |
| I am a single mom so I know I qualify for the EIC.I just dont know if I will owe anything since I made over 10,000.00... |
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 If filing married and jointly, do you have to count your spouse's income if under 5,000? |
| My husband just started a new job and will not make more than $4500 or so before the end of the year. Do we have to count his income when we file our taxes together? I used a tax calculator and it ... |
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 Which bills do i 'have' to pay during the recession in the uk? |
| Obviously all bills count, but my bloke works as a painter and decorator ( for now, work disintergrating fast ) and I work with mental health, My job is safe but he is the breadwinner. Mortgage is no ... |
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 Can this person file taxes? I am clueless...? |
| A friend and I were discussing "filing taxes" the other day and she said that a person who does not have an income from a job but does have an income from child support can file a tax ... |
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 Economic Stimulus Payment? |
| I am 18 years old and filed my own tax return in February of this year. It was direct deposited and I was expecting to receive my stimulus payment of $300 by May 9th... it never came. If my parents ... |
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 What is the full form of CTC? |
| asking a question at the time of ... |
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 Have you received your stimulus check? |
| I know they are suppossed to be sent out based on the last 2 digits of your SSN, but I know people who have gotten theirs way before they were supposed to. (paper check) Does it matter if you owe ... |
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 How do I find out how much an employer reported as taxable income on my 1099-MISC ? |
I did a little tractor work for a friend of a friend..may be $1500 or so.
The guy said he wanted my SS# to report my pay, because we were working on a road to his winery he was just starting up.<... |
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 Question on stimulus payment? |
| I couldnt seem to find an answer on the IRS website. My husband and I prepare our own taxes and use the taxact.com to file them. This year we had to pay in to federal and we did pay it in by april 1... |
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| Can i claim remodeling on my home on my taxes? |
| I have made several upgrades, new windows, exterior doors, bathroom vanities, closet doors, baseboards, carpet, paint etc.... |
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 If I have been working for a company for 2 months am I entiltled to my anual leave pay? |
| I have been working in the UK for a company for 2 Months and have recently quit. My contract does not state that my anual leave requires a probationary period. Am I still entilteled to recieve my 3.... |
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gigi_victory | I know you can deduct medical bills from your taxes...? |
Would it be worth it to pay off all medical bills with a credit card before Dec 31st? Would it increase my refund greatly or not enough to make it worth it? |
 |
 
troythom
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The answer as always is... It Depends!
1. What is your Adjusted Gross Income? Medical bills have to be at least 7.5% of your AGI to qualify as an itemized deduction. Then only the amount that is OVER 7.5% of AGI is deductible.
2. Is this the only itemized deduction you will have? If so, then I doubt that it will be worth it unless you have some really large (multi-thousand dollar) medical bills that will push you above the standard deduction amount of $5,350 for single and $10,700 Married filing jointly.
3. Are you going to pay off the credit card immediately? If not then this would be a very bad decision. The interest charges on that credit card would very quickly eat through any extra refund you would get and actually cost you more money in the long term.
In the end, it would always be best to consult with a good local accountant who can be familiar with the full details of your situation. |
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ninasgramma
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It would be unusual to generate a large refund by paying off medical bills.
Let's say you are in the 15% tax bracket, can itemize and even have enough medical bills already paid to take medical deductions, and then you pay off an additional $5,000. This additional deduction will save you $750 of the taxes you owe. If you owed no tax, you get no benefit at all. If you owed more than $750 in tax, your refund has increased by $750.
If you can get a low interest loan using a credit card, and can pay off the loan while it is low interest, it might make sense. |
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Mimi
 |
You can deduct expenses that EXCEED 7.5% of your gross income. So it really depends on how much you spent on medical expenses, and how much you earn. |
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Judy1
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That depends on how much the bills are. If they are under 7.5% of your adjusted gross income, then there is no tax benefit anyway.
If you itemize, then you can deduct the portion of your medical bills that's over 7.5% of your AGI - the tax benefit at most is the deductible amount times your tax bracket percent. |
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jaretr72
 |
If you are trying to bunch up your medical bills into one year because you know that splitting them into 2 years won't give you any benefit, then it might be worth it. Charging them on credit cards is considered payment according to the IRS even though you haven't paid the credit card off yet. What these folks are saying is true, it might not be worth it if you don't have the funds to pay the card off immediately and sink a bunch of money into nondeductible credit card interest. |
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Mary
 |
Depends on how much. They have to add up to more than 7.5% if your annual gross income, and you would have to itemize your deductions. So if they're more than 7.5% of your AGI, but all your deductions are still less than the standard deduction (the amount depends on your marital status and age) then it won't do you any good. |
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gismoII
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You have to spend up to a certain percentage of your income on medical bills before you can even consider deducting the remainder (only) of your medical expenses. Right off-hand, I do not recall that percentage; but, I think it is around 6%. As an example: Your income is $30,000 a year (I think it is gross). Your medical expenses total $2,000. 6% of 30,000 is $1800. In this case, you would only be able to deduct $200.00. This example assumes that rule applies to GROSS income and that 6% is the correct percentage. You can obtain more accurate information in that regard in the Instruction phamplets; but my first sentence is still accurate and should give you a good idea of what to expect in making your decision. . |
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Bozema
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You can only deduct if you have a pre-tax medical flexible spending account through your employer or if your medical bills took up a very large proportion of your income (such as you underwent major surgery or cancer treatment and were not insured) and you itemize your deductions. Unless you have substantial expenses, you shouldn't consider it and you'd want to talk to your accountant first before going forward. |
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