TaxAudit Blog

Category: Healthcare

stethoscope on top of stack of cash over an Insurance Claims statement

One way to offset the rising costs of health care is by claiming an itemized deduction for qualified medical expenses paid during the year on your income taxes.

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Private Mortgage Insurance Paperwork

The PMI deduction was not permanent. This expiration date was extended twice, eventually to 12/31/17, and any PMI paid after that date is not deductible.

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child playing on a playground

If you paid someone to care for your child so that you could work or look for work, you may be able to take the credit for child and dependent care expenses.

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house

This seems a simple question, and it has a simple answer, which is probably. First, all the usual requirements of deducting mortgage interest must be met.

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Woman wearing eyeglasses

Prescription eyeglasses for correcting your vision are deductible as a medical expense, but you may not be able to deduct them based on other factors.

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Money, United States Treasury Check, 1040 Tax Form

If you paid off a prior year state or local tax obligation to your state, you can include these payments as a state tax deduction, subject to the $10,000 cap.

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Couple with moving boxes on their heads with happy faces drawn on them

The moving expenses deduction was eliminated for all tax years from 2018 through to 2025 for all taxpayers except those who are members of the Armed Forces.

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Bitcoin Loss

Yes! Losses on bitcoin and other virtual currencies are deductible but be aware that in an audit the IRS can and will disallow any improperly claimed losses.

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four people making a business deal

When it comes to the deductibility of business expenses the answer is likely to be “Yes, No, Maybe So, or Not Now.” Here are a few examples to consider.

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student loans

Yes, you can deduct student loan interest on your tax return if you meet the specific requirements to claim this deduction. The amount you can claim will vary.

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Woman working from home at her desk.

As part of the tax reform laws, the home office deduction was eliminated for all tax years from 2018 through to 2025 for taxpayers who are employees.

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Family under umbrella that says Life Insurance

Life insurance premiums are generally not deductible on your tax return. However, there are few exceptions, such as life insurance premiums paid by a business.

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Wedding cake split with the groom on one side and the bride on the other

Some people can, and some people can’t. It depends on the date your divorce was finalized whether you fall under the new TCJA tax law.

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Colorful balls with numbers

Lottery earnings are generally reported on Form W-2G, taxed as ordinary income, and expected to be reported as “other income” on the federal tax return.

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Application for Health Coverage form

Some people can claim an exemption from the health insurance requirement, but everyone else needs to show the IRS that they are covered or else pay a penalty.

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Roof on brick house

I spent 30K on a new roof last winter after my old one collapsed under 100 inches of snow. Where do I report the cost of the roof on my taxes?

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Wrapped gift

We have our own marketing and design business. This year we ordered expensive gourmet chocolate gift baskets for each of our ten clients to thank them...

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diamond ring

While I was working out at the gym, someone broke into my locker and stole my diamond ring. It’s my wedding ring and I always take it off before doing...

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Woman

I do PR in the Bay Area. My hairstylist says I can deduct my entire salon bill on my taxes because it helps me look good at events. Is this correct?

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path going through forest

I want to donate to my favorite politician’s 2016 campaign for our state’s House of Representatives. Are there limits to how much I can deduct?

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inside of church

My husband spends a lot of time printing church service bulletins and other special design and print jobs. Can he deduct the time he works as a volunteer?

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Personal Development, Guiding Skills, Help, Coaching, Learning

My wife is training to begin her career as a life coach. Can the expenses of her training, including tuition, room, board & travel, be tax deductible?

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Rx bottle that says Affordable Care Act

You might have thought that with the new Health Care Reform more of all the money you spend on health insurance and medical expenses would be deductible.

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speedometer

I do not a get car allowance for my job in media sales. I do not log a report of my driving but typically I average 20k miles a year due to all the driving...

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Students wearing graduation hats

With the costs of obtaining a Master of Business Administration skyrocketing, often costing up to $80,000, you might be wondering, is my MBA tax deductible?

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Doctors and nurses walking down hospital hallway

My brother was moved to a nursing home/memory care unit. He had to live in the nursing home area until the memory care unit had an opening. When he was in...

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house on top of a green hill

My wife and I bought a townhouse in 2014. What tax deductions can we take?

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two people looking over financial charts

My wife has an IRA under professional management with a financial advisor here in Portland. Can we deduct the fees charged for his services?

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Dress Shirts

I use suits for work, and the dry cleaning expense is substantial. I don't use the suits outside of work. Can I deduct the dry cleaning as a business expense?

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The Grinch

The holiday season is a time for giving, but if you don’t follow the carefully prescribed rules for charitable giving, the IRS may disallow your deduction.

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houses

We had solar put on our house this year. Is it tax deductible? A tax credit is available for qualified solar electric property costs and qualified solar water..

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Hands holding a heart

We loaned our car to a missionary home for a visit and fundraising. Can we deduct the mileage as a charitable contribution?

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Roof on brick house

I had a new roof put on the house. Is it tax deductible? A new roof is generally considered to be an improvement to the structure.

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RV driving on the road

Can I claim the interest I pay on my RV on Schedule A as mortgage interest on a second home? As long as your RV loan is secured by the RV and the...

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Spoon full of vitamins

I had bariatric surgery and must take a number of vitamins daily. These vitamins are purchased over the counter without a prescription.

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Wooden walkway towards beach with palm trees

We live in Florida, and we are thinking about buying a second home in Maine for the summer months. Will we be able to deduct the mortgage interest on our taxes?

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Nurse helping woman

My brother is in assisted living; what part of his expenses can be deducted? He needs assistance with getting dressed and all daily hygiene activities.

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Soldier Saluting the American Flag

Let’s talk about business deductions for members of the military. The same rules apply for active duty personnel and reservists.

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Flooded street with sign that says High Water

My house got water in it this past month. I needed to clean up the mess, replace the carpet, pad and doors.  My insurance would not cover the loss.

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Lake at the base of mountains

I live in Georgia but work in the oilfields of Alaska as a Form 1099-MISC contractor.  Am I allowed to deduct my airfare and hotel and meal expenses for travel?

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Dress Shirts

Could you advise on how the value of items is determined for charitable contributions? I am about to donate several of my designer suits to charity. 

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stacked books, diploma, and graduation hat

We adopted our grandson three years ago - he is now a freshman in high school. When he goes to college, will his tuition be tax deductible? 

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Handcuffs laying on a 1040 form

We took out a home equity loan to redo our basement. The contractor did not perform the work as agreed and what was performed had to be torn out...

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Woman at the Dentist

I took out a medical loan for $36,000 dollars for full mouth restoration by two dentists due to infections. My insurance only covered $890. Can I deduct it?

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dog sitting on green chair

I travel for a living and my company knows I have pets. I have to have them kenneled when I am traveling for work.  Can I expense the cost of the kennel stay? 

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Man and Woman riding in a red car

I use my car in my business. How much of it is tax deductible, and what type of travel is deductible? Are my trips going back and forth to work deductible?

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Yellow house with white fence

I gave my daughter $10,000.00 for a down payment on her house. It was earmarked in our trust to be paid to her on our death. I inherited the money from her...

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houses

We recently bought our 1st home via FHA mortgage, which included monthly mortgage insurance premium (MIP). In addition, an "up-front" MIP amount (UFMIP)...

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Partially painted room

I was an owner contractor on the restoration of my house. I bought some used construction equipment to do the work, items like gas powered pressure washer...

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Money wrapped in a bow

Our adult Sunday School class had a Christmas project of supplying Christmas clothes and toys for a needy family with several children and a disabled father. 

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