The Tax Questions Blog

Archive for the ‘Is This Taxable’ Category

Everyone likes to save money and your health insurance is a place where you can find savings. The easiest way to save money with health insurance is to only insure yourself for large, catastrophic medical problems or to increase your deductible in order to decrease your monthly premium. Both of these choices might not be the best health insurance option for everyone because each will increase your out-of-pocket medical expenses for everyday medical care and preventative examinations.

There are a number of tips to keep in mind beyond increasing your out-of-pocket expenses to minimize your health insurance costs while receiving the health insurance coverage you and your family needs.

Here are six things to consider for saving money through your health insurance:

1) If you are part of a health insurance plan such as a POS (point-of-service) or PPO (preferred provider organization), make sure you only use doctors and medical services that are in-network for your plan.

2) Take every tax deduction offered on health insurance. For the self-employed this means deducting all your health insurance premiums, and for participants in employer-based plans deducting the portion you pay of your health insurance premiums. And medical and dental expenses you incur that your insurance doesn't cover that exceed 7.5 percent of your adjusted gross income (AGI) can be deducted as well.

3) When you are comparing health insurance quotes take a look at the long-term implications of your plan. Lower health insurance premiums and up-front costs will mean more out-of-pocket expenses and possibly much higher medical costs over the long run. Consider how you expect to use your health insurance and factor all the costs when comparing health insurance quotes.

4) Don't make visits to the emergency room unless you are experiencing an actual medical emergency. The co-pay will likely be very much higher than for a regular office visit.

5) If possible participate in employer- or other organization-based group health insurance. The rates and qualification requirements are typically lower. If you are part of a employer-based group health insurance plan have your employer pay the premium on a pre-tax basis to lower your overall taxable gross pay. Another way to reduce your taxable income is to participate in your employer's flexible spending plan to save money for out-of-pocket health insurance expenses such as co-pays, some medications and certain medical devices.

6) Save money on health insurance prescription medication by using online pharmacies. Traditional pharmacies will typically dispense only a 30-day supply of medicine while online pharmacies will allow for 90-day supplies for the same co-pay.

Health Insurance & Income Tax: eHealthInsurance Releases Tips for 'Accidental Entrepreneurs' and the Self-Employed

MOUNTAIN VIEW, CA--(Marketwire - 02/25/10) - eHealthInsurance (NASDAQ: EHTH - News ), the leading online source of health insurance for individuals, families and small businesses, today released a series of health insurance tax tips especially useful for those doing their federal taxes for the first time as self-employed professionals. According to the Bureau of Labor Statistics, as of December ...

Question: Is the interest the HMRC pays on tax repayments itself taxable income?

When the HMRC pays you back the tax you overpaid they will as a rule add interest. Is that interest you receive from HMRC taxable income to be included on your next tax return?
believe it or not they do pay you interest if you overpaid. See this link:

http://www.hmrc.gov.uk/rates/interest-repayments.htm

Answer: No, it's not taxable, but they only pay it if the repayment is more than a year late. They charge from scratch, even if payment to them is a day late! Have you looked at the table on HMRC interest rates (on HMRC website), and seen the difference between what they pay and what they charge? Would do credit to any profit-making bank!

Cash clinic: Rental headache as tax deadline looms

Q I GOT married last year, moved into my wife's flat and started renting mine out. I now need to pay tax on that rental income, but I have been grappling with HM Revenue &

Question: Question on reporting education grants as income?

I understand that need-based grant programs like the Pell grant and any similar state grant programs are treated as scholarships and are taxable/not taxable if the amount is used for qualified/unqualified education expenses within the period.

My question is: what if, in 2009, you receive $3,000 in grants and only spend $2,000 (on qualified expenses). If you haven't spent the remaining $1,000 and plan to use it for tuition in 2010, do you report the $1,000 as income for 2009?

This school distributes any amount left over after tuition and fees to students on a separate debit card, so I have a debit card with the $1,000 on it. I couldn't find an answer to this in Pub. 970 or anywhere else on the Internet. Thanks.

Answer: The debit card means you got the money. It's the same as cash to you.

If you do not pay spring semester tuition with it, you will have taxable income

City of Waukee audit filed with state

Bob Eschliman, Editor Denman & Company LLP of West Des Moines has released an audit report for the City of Waukee, which showed the city’s revenues totaled $27.9 million for the fiscal year that ended June 30, a 26.5-percent increase from the previous year.

Get Federal Grants - Get A Grant For Yourself - Billions Given Away

Question: Foreign exchange / currency brought back by a Non Resident Indian who is settling back to India, taxable ?

Answer: yes it has to be u know on quid pro quo basis means to get something u have to loose something

Market Vectors Family of Municipal Bond ETFs Announces Distributions

NEW YORK----The Market Vectors ETF Trust announced regular monthly dividends and yearly capital gain distribution today for five ETFs within the Market Vectors Family of Municipal Bond ETFs*.

1173-UCC #21***Much Love wrap up for UCC-1 Financing Statement: UCC-1 vs 1099OID-Rodger Elvick

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