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Recent Medical Expenses questions

How much can I use as a credit for the money I pay for his

How much can I use as a credit for the money I pay for his care at a memory care facility?JA: I'm not sure of the exact price, but there's only a $5 deposit. The rest of the price information will be on the page I send you to.Customer: where do I see page 1?JA: The Accountant will know how to help. Please tell me more, so we can help you best.Customer: My husband is in a memory care facility as prescribed by his doctors. Is there a tax creit I can file under itemized deductions?JA: Is there anything else important you think the Accountant should know?Customer: He has parkinsons and lewy body disease and requires observation and care of ADl's

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ABC Accounting Group

Bachelor's Degree

184 satisfied customers
I recently made an LLC.I am the owner and the only one

I recently made an LLC.I am the owner and the only one working right now.I have a person that will join me as a 1099 soon.My question is,Should my company be an LLC taxed as an S -Corp or a C-corp?Later on my wife will join us also,when needed.

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Dr. Fiona Chen

President

Ph.D.

550 satisfied customers
The IRS seems to have some contradictory information on

The IRS seems to have some contradictory information on their website regarding the American Opportunity Tax Credit.https://www.irs.gov/publications/p970/ch02.htmlRegarding dependents, this link says:"Who Can't Claim the Credit?You can't claim the American opportunity credit for 2015 if any of the following apply.You are claimed as a dependent on another person's tax return, such as your parent's return. See Who Can Claim a Dependent's Expenses , later."This seems to say that if you are claimed as a dependent on someone else's tax return, you can't claim the credit. However, if you click the link in that entry, which says "Who can claim a dependent's expenses", this is the result:"Who Can Claim a Dependent's Expenses?If there are qualified education expenses for your dependent during a tax year, either you or your dependent, but not both of you, can claim an American opportunity credit for your dependent's expenses for that year."According to this, a dependent can claim the american opportunity credit on their tax return.Which one is accurate? Am I misreading something?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
Health insurance for 1 employee - I have a non-profit

Health insurance for 1 employee -Hello,I have a non-profit organization that has only one employee. Is the non-profit allowed to give the single employee a reimbursement for health insurance premiums he pays AND reimburse him for his out of pocket medical expenses without having to run it through payroll?Thank you,Jeannette

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ABC Accounting Group

Bachelor's Degree

184 satisfied customers
A question about bankruptcy. Our total non-mortgage debt is

A question about bankruptcy.Our total non-mortgage debt is about $17,000. Of that my name is ***** ***** $15,500. Our credit scores are around 660 two 680. We are up to date on mortgage payments. We have no debt on either of our two cars. We are on fixed income – Social Security. We declared Chapter 7 in 2005. Our debt comes from very high medical expenses and help for our daughter since her husband left her and the children.Would it be a good idea for me to declare bankruptcy by myself rather than including my wife? It seems as though this would allow us to maintain use of limited credit.Thank you for your assistance.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

17,686 satisfied customers
Anne, The IRS sent me a CP2000 notice for tax year 2014. My

Hi Anne,The IRS sent me a CP2000 notice for tax year 2014. My credit union reported HSA distributions to me of $1318, all of which went to pay for qualified medical expenses. I did not, however, enter "1318" on Form 8889, Line 10 (Qualified HSA funding distributions). As a result, the IRS says I under-reported my income by $1318, which I guess I (accidentally) did. What should I do now? The IRS says I owe $648 and wants my response by September 22, 2016; and I'm leaving for India tomorrow (August 27) and will return on September 10. What should I do?Thanks in advance,Brent Dorshkind

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
I set up a irrevocable living trust, funded it with tax free

i set up a irrevocable living trust, funded it with tax free munis, question do i have to pick up the interest from the trust, tax free interest, on my personal 1040 .... for AGI purposes for medicare payment amount.... or is this tax free interest just that tax free reflected on a 1041 sch B and thats it

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PDtax

Owner

Master's Degree

6,976 satisfied customers
I recently lost my job after a lengthy illness and surgery.

I recently lost my job after a lengthy illness and surgery. My income for 2016 has been 17,500$. I am in medical debt and trying to recover physically. I do not qualify for disability and am seeking employment now. In the meantime, I am considering pulling 20,000 from my 401 K as a last resort to pay off medical debt and survive until employment is found. I know there is 10% taken out off the top. Isn't there a 25% payment on taxes for my complete income at the end of the year. How do I figure out if this will make me owe taxes? I own a home and have one child under 17 in my home. Thank you....trying to make an informed decision.

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
I received a cash settlement from an auto accident from the

I received a cash settlement from an auto accident from the defendants insurance company. Do I have tax consequences? I'm retired senior and have a military disability pension for which I have no tax obligation. Thank you.

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Mark Taylor

Certified Public Accountant

Masters

1,228 satisfied customers
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