What Medical Expenses Are Tax Deductible?

If you determine that you spent over 10 percent of your adjusted gross income (If you are over 65, the amount is 7.5 percent) on medical expense in 2014, you can potentially claim these expenses as a tax deduction. If you are using TurboTax 2014 to file your taxes, the TurboTax software will help you to figure out your medical expenses as it can potentially be a significant amount.

Deductible medical expenses include those of any dependent, as well as those of you and your spouse.

Expenses for medical costs are not deductible if you get reimbursed for them in some way; for example, your company pays you back for the cost of medical treatment. If your insurance company covers some of the cost and you cover some, the part that you pay is deductible.

If you charged your medical expenses to your credit card, you can deduct those charges, but keep in mind that the year in which you charged them is the criteria.

Using TurboTax will help you to accurately determine the type of medical expenses that qualify for a deduction, and these include doctor and dentist visits, as well as X-rays and other preventative treatments or procedures. Procedures such as teeth whitening, and most types of cosmetic surgery do not qualify for a deduction, unless an accident or disease necessitated the cosmetic surgery.

Prescription drugs and insulin are eligible for medical expenses deductions, as are the costs of visits to a psychiatrist or psychologist, alcohol or drug related treatment or rehabilitation, and the cost of sending a disabled person to a special school. Over the counter supplies and equipment are deductible, but not over the counter drugs and medication.

There are various other deductible medical expenses, and TurboTax 2014 will alert you to these, which include the cost of laser surgery, contact lenses, dentures, crutches and a wheelchair. Lactation expenses, participating in a stop smoking program, treating sexual dysfunction, removing lead paint and the cost of a nursing home are all eligible too.

If you are enrolled voluntarily in Medicare A, the amount paid out of pocket by you is eligible, as well as premiums for Medicare B. TurboTax will inform you that the premiums for an insurance plan sponsored by your employer are not deductible, although the premiums for long term care insurance are eligible.

TurboTax will help you to understand all of these possible deductions – you don’t have to be an expert when using TurboTax 2014!

Charitable Summer Giving Equals Tax Deductions

During the leisure-driven summer season, people should still want to increase their charitable giving. Not only is this a noble enterprise, but it also benefits the taxpayer during tax season. There are many avenues of giving that can earn a tax deduction for the average person.

For instance, children’s summer camps provide fun and safe day care to many needy kids. They rely on donations to help parents with summer time care while parents are working and the kids are not in school. Another good avenue is finding a community fan and air conditioning drive which helps families and the elderly avoid heat-related illnesses during the sweltering summer months.

The national debt clock outside the IRS office...
The national debt clock outside the IRS office in NYC. (Photo credit: Wikipedia)

Or, finish your spring cleaning in the summer. Donate the clothing, household goods and other items no longer needed to not for profits who refurbish and resell them in their thrift stores.

Here is a caution, however. While charitable giving is important and worthwhile, be sure to check that the organization is legitimately not for profit. Check its references online. Ask friends and relatives what they know about it. Call the organization to inquire about its tax exempt status. Don’t donate unless you know all the proper paperwork is in the hands of the Internal Revenue Service.

To further credential your charitable giving this summer, be sure to save the receipts the not for profit provides with a donation. Use online tax software such as Turbo Tax to keep your donation records in good order. Turbo Tax Its Deductible records everything necessary to give correct documentation to the IRS come tax season.

Remember, no matter how you spend your leisurely summer days, plan to send some money, time and belongings to the charitable organization of your choice. Correctly recorded and documented, those donations will add up to nice tax deductions in April.

Turbo Tax And Mortgage Tax Deductions

Turbo Tax 2014 and Mortgage Tax Deductions

Many homeowners feel that it is more beneficial to claim a mortgage tax deduction than to pay off their mortgage. However, they really need to consider whether it is more beneficial to build up their savings or to pay off the mortgage debt completely.

English: mortgages Green Bay, WI
English: mortgages Green Bay, WI (Photo credit: Wikipedia)

First, a homeowner needs to look carefully at all the items on the return. You need to know that a tax credit is not the same as a deduction. Deductions decrease the taxes you are obligated to pay; while tax credits reduce your taxable income. If you do not have a mortgage, you may pay more taxes; however, the taxes you pay may be lower than the annual interest you pay on your mortgage. It is not good long term planning to keep a mortgage on your home for a tax break.

What you need to be careful with is using your savings to pay off your mortgage in this uncertain economy. Look carefully at your job security, health and what would happen if you lost your job. You never know when you will need to utilize your emergency funds. If you pay off your mortgage, you might have to sell the house or borrow against it if your emergency funds are depleted. Ensure that you are saving for retirement and maintaining an emergency fund before considering paying off your mortgage.

Choose TurboTax For The Best Tax Refund Ever!

When is TurboTax 2013 Being Released?

The popular and very useful TurboTax program is back! It is nearly ready for 2013.

The TurboTax software that was designed in 2013 will be released on the 12th of December. This will be for desktop, laptop, and downloadable versions. This will be available at some point in the middle of January for those using the online version of TurboTax.

TurboTax SIGG
TurboTax SIGG (Photo credit: Frank Gruber)

Please be assured that this will be around far before you need it for preparing your 2012 tax return. You will be able to safely and easily navigate the important and at times confusing IRS documents. TurboTax 2013 makes it easy for you to skip on having to hire a professional, and saves you a good bit of money in the process.

Everybody Has Options

No matter if you are a consultant, contractor, single-owner LLC, or a sole proprietor, TurboTax is going to have what you need. You can track the taxes as they are sent to you, and have a handy walk-through to let you know exactly what you need to focus on.

You have 3 options that you can choose from. These are Premier, basic, and deluxe. There are also different helper programs within the software, such as Business and Home, that help you benefit from saving more money than you ever would, and answering your questions.

No matter what you are inputting, be the bits of information the simple things about yourself, or the more complex things from a business, you are going to be able to do deductions in a straightforward and simple manner. Even if you do not know a thing about taxes, unless you are a tax consultant, you are going to be able to get everything done easily.

A Larger Refund

One of the best benefits of using TurboTax 2013 is that you will receive great advice as you finish. You will be able to have the calculations done, which enable you to get a bigger refund. In addition, the next time you use this software you will have all of the information from previous years! This helps you learn more about taxes, and help you to save more money.

TurboTax 2013 is popular and very useful. It is a great hit already and is sure to be one in its 2013 edition. Countless people are already satisfied with it, and you can be too. If you are ready and willing to save money, as well as learn about taxes, this is the right program for you.

Be ready come December 12th! You will be able to purchase this on your computer, or you can just wait until it is closer to tax time. The best choice you can make is to invest your money in this instead of in something that will cost you hundreds of dollars. With this program, you know exactly what you are getting back without help, and are certain to find any mistakes or extra areas to make money as well. It is wonderful.

Tax Season Dates And Tips

The new tax season is approaching quickly, and now is the time to get helpful information about state and federal tax filing.

The recent government shutdown prompted the Internal Revenue Service to delay federal income tax processing until the end of January 2013. Income tax agents may complete your return prior to January 31st, but they will have to hold onto it until the 31st.

Federal refunds should still be received within three weeks if filed electronically and within eight weeks for paper returns. TurboTax 2014 may be a great resource to help you get ready no matter how you end up filing your 2013 or 2014 taxes.

State tax processing is scheduled to begin on January 22nd and 23rd, with a processing window of four to twelve days. Electronic processing may occur within four days, and paper returns may be processed within eight to twelve days. You still have the option of receiving a physical check or a direct deposit, but the electronic filing and direct deposit options may speed up the entire process for you. You may be anxious to file your taxes, but a good review with TurboTax 2014 may result in more savings than you ever imagined.

Factors in Selecting An Online MBA Degree

Acquiring a master’s degree in your preferred field opens the door to plenty of new opportunities. Not only does obtaining a master’s degree increase the chances for upward mobility, but it also allows the graduates more job freedom. Unfortunately, many prospective students find that attending a traditional school is not in their best interest. The good news is that an online master’s degree program is a great alternative solution. Here are some of the benefits of enrolling in an online master’s degree program.

Master's Degree Grad
Master’s Degree Grad (Photo credit: CSUF Photos)

Career advancement
For the people that are looking to advance in their current field of employment, acquiring a master’s degree will surely add to their list of credentials. The students will be able to learn new skills and expand their expertise in the chosen field. Employers are always on the lookout for potential employees that have a master’s degree on their resume. Furthermore, this also means that there will be a chance to have a substantial increase in salary.
A more flexible schedule
Enrolling in a master’s degree program at a traditional school will likely take up a lot of the student’s time. Students that have families or work at a demanding job may have a hard time finding enough time attend the classes. Fulfilling the family duties can get to be quite nerve-racking. An online master’s degree program certainly allows a lot more flexibility. This convenience will enable the student to work at a more manageable pace without the extra stress.

Cost
The expensive cost of attending a traditional school is one of the top reasons that some people opt to not enroll. The majority of online master’s degree programs are a lot less expensive. This is especially beneficial for the students that are not eligible for any loans and must pay out of pocket. Many of the online professors also provide much of the study material, so this means that the students will not be required to purchase tons of expensive textbooks. The IRS offers Tax Credits for education at many levels but they only help to a certain extent, so getting the best education at a good price is pivotal.

Some employers are willing to pay for a student’s tuition
Many employers realize the importance of education. This is the reason why some companies are willing to help out on the expense of attending school. An online mba program enables students to continue at their current job while working towards obtaining a master’s degree.