Medical deduction now covers home health care costs
Article Abstract:
The Health Insurance Portability and Accountability Act of 1996 enables children to keep their aged parents out of a nursing home at a lower cost. It allows them to enjoy the expanded definition of medical care, which now applies to expenses related to home care. Therefore, taxpayers can now deduct on their own returns certain home care expenses incurred by their parents, thereby lowering the effective cost of home care and increasing its attractiveness. The Internal Revenue Code, particularly Sec 7702B(c) defines major terms for ascertaining eligibility under this new category of deductible expenses. Planning tips are discussed for substantiation, multiple support agreement, timing of payments and other tax considerations.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1997
User Contributions:
Comment about this article or add new information about this topic:
Service issues new safe harbor method for distributions from qualified plans
Article Abstract:
The IRS has made available a simplified method by which the taxable portion of annuity distributions from qualified retirement plans may be calculated. Details of when and how this safe harbor method may be used are presented.
Publication Name: Taxation for Accountants
Subject: Business
ISSN: 0040-0165
Year: 1989
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Holding tax-exempts may not necessarily result in loss of interest deduction. When and how to analyze a tax shelter that a client has or is considering
- Abstracts: Administrators can play positive role. Buy in the skills you need. Intangible assets, real problems
- Abstracts: Credit granting: a comparative analysis of classification procedures. part 2 Trade credit and informational asymmetry
- Abstracts: Building model models. Fourth generation languages for integrated accounting systems. Control and management of information
- Abstracts: Profits interest in partnership taxable to service partner. Distributions of appreciated property need not result in gain to the distributing corporation