Online Sewing Class: Altering Jackets
SIGNUP - FREE Membership and 1 FREE Sewing Lesson
| FAQ | Login
 

Forum > Miscellaneous > Taxes ( Moderated by Deepika, EleanorSews, CynthiaSue)

Please LOGIN or Join PatternReview
Go to Page:
Taxes
medical bills
Julia C
star
Julia C  Friend of PR
USA
Member since 7/1/07
Posts: 1263
Skill: Advanced Beginner
Body Type:

online now
Send Message

      



Date: 3/18/12 6:03 PM

What is the percentage of medical bills to income that is deductable? Isn't it 10-20%? While I have had a lot for me, it was not a high percentage.

Kristen
star
Kristen
Member since 4/27/02
Posts: 466
Skill: Advanced
Send Message

      



Date: 3/18/12 6:47 PM

I know that it used to be 7, not sure if it has increased........

talesofawannabe
star
talesofawannabe
Virginia USA
Member since 6/25/10
Posts: 298
Skill: Advanced Beginner
Send Message

      



Date: 3/18/12 7:09 PM

You can deduct expenses that exceed 7.5% of your adjusted gross income. Here is the IRS link.

http://www.irs.gov/taxtopics/tc502.html

------
http://talesofawannabeseamstress.blogspot.com/

Julia C
star
Julia C  Friend of PR
USA
Member since 7/1/07
Posts: 1263
Skill: Advanced Beginner
Body Type:

online now
Send Message

      



Date: 3/18/12 8:56 PM

Thank you both. I did not think I had enough to worry about getting that together in addition to everything else. I doubt I have 3%.

katlew03
starstarstar
katlew03  Friend of PR
USA
Member since 1/4/08
Posts: 4673
Skill: Advanced
Body Type:

online now
Send Message

      



Date: 3/19/12 0:11 AM

I really had a lot a few years ago but was quite disappointed to find that you cannot claim insurance premiums that are taken out before you receive your paycheck. The itemized allowance amount has been increased to around $13,000 so my accountant says it is very hard to get enough to itemize unless you have a very large mortage payment and/or lots of deductions. He said most people have to have around $6000 or more in medical deductions to be able to claim any of them. Most people, at least in our area, do not qualify for anything but the standard deduction.

------
Sewn in 2012: 176.212 yds.
Total sewn in 2013 -- 225.848 yds.
Total sewn in 2014 -- 143.255 yds.
Total yards in inventory 1/1/14 -- 1752.5
Goal for 2015 -- 400 yards

Machines: Designer Diamond, #1+, H Class 100Q, Viking 400, Brother XR65 -- Serger: 936 -- Singer Coverstitch

TessKwiltz
star
TessKwiltz  Friend of PR
Texas USA
Member since 9/21/07
Posts: 1624
Skill: Intermediate
Send Message

      



In reply to katlew03 <<


Date: 3/19/12 10:33 AM

Quote: katlew03
I really had a lot a few years ago but was quite disappointed to find that you cannot claim insurance premiums that are taken out before you receive your paycheck.

Insurance premiums are usually taken out pre-tax, meaning they are not included in your W2 line 1 wages.

------
Tess

"I am a degenerate art supply junkie" - Jane Davenport

purplebouquet
star
purplebouquet
Arkansas USA
Member since 11/16/05
Posts: 1315
Skill: Advanced
Send Message

      



Date: 3/19/12 1:22 PM

Check with your employer if he offers a Flexible Spending Account, and if yes, when the next open enrollment period is. Probably toward the end of the year or anytime you have a "qualifying event (divorce, wedding, change of job, and similar) . Consider enrolling if you have that option. This is a much better way of saving on your out-of-pocket expenses than trying to take a deduction on your income tax. Your HR department will give you all the information you need assuming that benefit is offered.

Claudia

Go to Page:
Please LOGIN or Join PatternReview

printable version Printable Version

* Advertising and soliciting is strictly prohibited on PatternReview.com. If you find a post which is not in agreement with our Terms and Conditions, please click on the Report Post button to report it. Miscellaneous >> Taxes

Merchants on PR

O! Jolly! Shop


Sweater Knit Fabrics
Web site

Amulet Swim Fabrics


Poly/PBT swimwear fabric
Web site

Vesta Patterns


vestapatterns.com
Web site

Paganoonoo


Upcycle sewing patterns
Web site

Style Arc sewing dress patterns


Patterns That Fit
Web site

 
adv. search»
pattern | machine | member
        
Online Class
Create a Jacket Muslin
Create a Jacket Muslin

Class Details

Online Class
Beginners Guide to Sewing Jackets
Beginners Guide to Sewing Jackets

Class Details

Vogue Patterns 8777

photo
by: caladia

Review
Islander Sewing Systems Moebius Scarf Pattern

Islander Sewing Systems Moebius Scarf Pattern

Pattern Details
Sew Liberated Aurelia Cardigan

Sew Liberated Aurelia Cardigan

Pattern Details

Conditions of Use | Posting Guidelines | Privacy Policy | Shipping Rates | Returns & Refunds | Contact Us | About | New To PR | Advertising

Copyright © 2015 PatternReview.com® , OSATech, Inc. All rights reserved.