TITLE

Healthy deductions

AUTHOR(S)

Newman, Richard J.; Podolsky, Doug

PUB. DATE

April 1994

SOURCE

U.S. News & World Report;4/4/94, Vol. 116 Issue 13, p67

SOURCE TYPE

Periodical

DOC. TYPE

Article

ABSTRACT

States that self-employed people now have a way to get a tax break for their medical coverage. Announcement by the Internal Revenue Service that it's fine to deduct the full cost of medical care for an employee who is both your only employee and your spouse--an issue that had been unresolved for more than 20 years; Specifics on the claims; Warning from tax advisor Nadine Gordon Lee.

ACCESSION #

9403307528

 

Related Articles

• IRS hearing addresses substantiation requirements.  // hfm (Healthcare Financial Management);Jan95, Vol. 49 Issue 1, p6 

  Reports on deliberations by the United States Internal Revenue Service (IRS) regarding substantiation requirements for charitable work expenditures. Valuing of open-ended benefits; Revision of Internal Revenue Code rulings.

• ELIGIBILITY FOR EARNED INCOME CREDIT.  // Clergy Journal;Jan2002, Vol. 78 Issue 3, p25 

  Discusses the qualifications for the earned income tax credit (EITC) program of the U.S. Internal Revenue Service. Description of the program; Eligibility of employees; Information on claiming the EITC.

• The IRS gives parents a break. Rose, Joan R.; Potter, Debra // Medical Economics;4/24/95, Vol. 72 Issue 8, p10 

  Reports that the US Internal Revenue Service (IRS) has raised the standard deduction for children under age 14.

• Now you can throw out some small receipts.  // Medical Economics;11/27/95, Vol. 72 Issue 22, p16 

  Reports on the reduced amount of documentation needed by the US Internal Revenue Service for business deductions.

• Charities: Get your IRS guidebook.  // Association Management;Feb95, Vol. 47 Issue 2, p7 

  Reports on the availability of Internal Revenue Service Publication 1771, `Charitable Contributions--Substantiation and Disclosure Requirements.' Contact information.

• Tax change reduces bookkeeping requirements but does business care? Foster, Sheila D.; Bolt, Cynthia E. // CPA Journal;Feb97, Vol. 67 Issue 2, p13 

  Focuses on the US Internal Revenue Service's (IRS) tax guidelines that modify the requirements for expenditure substantiation under the Internal Revenue Code sections 162, 212 and 274. Criteria for tax deductions from ordinary and reasonable traveling expenses; Documentation of lodging...

• Taxing airline safety procedures. Whitehead Jr, Roy // CPA Journal;Feb97, Vol. 67 Issue 2, p14 

  Looks at the US Internal Revenue Service's (IRS) ruling in a tax guideline that the costs incurred for major inspections of aircraft engines may not be deducted as ordinary and necessary business expenses under section 162 of the Internal Revenue Code. Treatment of the costs as capital...

• New guidance on substantiation of business expenses.  // Practical Accountant;May97, Vol. 30 Issue 5, p18 

  Reports on the issuance by the US Internal Revenue Service of final, temporary and proposed regulations concerning the substantiation of business expenses for income tax deductions and reimbursements. Coverage of the regulations; Authorization of the Commissioner to prescribe rules modifying...

• Tax reminder. Murdoch, Guy // Consumers' Research Magazine;Nov94, Vol. 77 Issue 11, p2 

  Reports that the US Internal Revenue Service (IRS) no longer accept canceled checks as proof of a contribution greater that $250.

• Tax-exempt orgs providing low-income housing.  // Practical Accountant;Jun95, Vol. 28 Issue 6, p18 

  Reports on the Internal Revenue Service's (IRS) issuance of a proposed revenue procedure on standards used to determine if charities providing housing are eligible for tax-exempt status under Section 501(c)(3).

Read the Article