Who's working on their taxes?

Landy · Jan 12, 2010

I'm sure everyone knows that you can't take deductions for any medical expenses that were paid for by a flexible benefits type plan?
This was our first year to use a flexible benefits program and we ran out of funds in December, so I don't think we paid enough in December to claim medical expenses this year. We will still have mileage, though. We'll see--it will be interesting to see how it all works out.

Edited to say that I'm assuming all flexible benefits are taken pre-tax. Yours may or may not be taken pre-tax?

Landy · Jan 12, 2010

I'm sure everyone knows that you can't take deductions for any medical expenses that were paid for by a flexible benefits type plan?
This was our first year to use a flexible benefits program and we ran out of funds in December, so I don't think we paid enough in December to claim medical expenses this year. We will still have mileage, though. We'll see--it will be interesting to see how it all works out.

Edited to say that I'm assuming all flexible benefits are taken pre-tax. Yours may or may not be taken pre-tax?

Landy · Jan 12, 2010

I'm sure everyone knows that you can't take deductions for any medical expenses that were paid for by a flexible benefits type plan?
This was our first year to use a flexible benefits program and we ran out of funds in December, so I don't think we paid enough in December to claim medical expenses this year. We will still have mileage, though. We'll see--it will be interesting to see how it all works out.

Edited to say that I'm assuming all flexible benefits are taken pre-tax. Yours may or may not be taken pre-tax?

Landy · Jan 12, 2010

I'm sure everyone knows that you can't take deductions for any medical expenses that were paid for by a flexible benefits type plan?
This was our first year to use a flexible benefits program and we ran out of funds in December, so I don't think we paid enough in December to claim medical expenses this year. We will still have mileage, though. We'll see--it will be interesting to see how it all works out.

Edited to say that I'm assuming all flexible benefits are taken pre-tax. Yours may or may not be taken pre-tax?

Landy · Jan 12, 2010

I'm sure everyone knows that you can't take deductions for any medical expenses that were paid for by a flexible benefits type plan?
 This was our first year to use a flexible benefits program and we ran out of funds in December, so I don't think we paid enough in December to claim medical expenses this year. We will still have mileage, though. We'll see--it will be interesting to see how it all works out.
 
 Edited to say that I'm assuming all flexible benefits are taken pre-tax. Yours may or may not be taken pre-tax?

vmhoward · Jan 13, 2010

I work in a tax office, so I have already begun......But I encourage all to get their information together early.

Don't forget that there is the new making work pay credit that is supposed to make up the difference in the amount that was not withheld last year when the withholding tables were lowered, but the tax tables did not change, so there is a $400 credit.

Also, if anyone has installed energy efficient items into their home, there is also the energy star credit. This credit might help offset some of the extra costs associated with the extra electric etc...These in addition to the medical deductions will definately help you this year.

There were many more changes this year but I won't go into everything. If anyone has any questions I will elaborate either here or in a PM, just let me know.

Best wishes to you all!

vmhoward · Jan 13, 2010

I work in a tax office, so I have already begun......But I encourage all to get their information together early.

Don't forget that there is the new making work pay credit that is supposed to make up the difference in the amount that was not withheld last year when the withholding tables were lowered, but the tax tables did not change, so there is a $400 credit.

Also, if anyone has installed energy efficient items into their home, there is also the energy star credit. This credit might help offset some of the extra costs associated with the extra electric etc...These in addition to the medical deductions will definately help you this year.

There were many more changes this year but I won't go into everything. If anyone has any questions I will elaborate either here or in a PM, just let me know.

Best wishes to you all!

vmhoward · Jan 13, 2010

I work in a tax office, so I have already begun......But I encourage all to get their information together early.

Don't forget that there is the new making work pay credit that is supposed to make up the difference in the amount that was not withheld last year when the withholding tables were lowered, but the tax tables did not change, so there is a $400 credit.

Also, if anyone has installed energy efficient items into their home, there is also the energy star credit. This credit might help offset some of the extra costs associated with the extra electric etc...These in addition to the medical deductions will definately help you this year.

There were many more changes this year but I won't go into everything. If anyone has any questions I will elaborate either here or in a PM, just let me know.

Best wishes to you all!

vmhoward · Jan 13, 2010

I work in a tax office, so I have already begun......But I encourage all to get their information together early.

Don't forget that there is the new making work pay credit that is supposed to make up the difference in the amount that was not withheld last year when the withholding tables were lowered, but the tax tables did not change, so there is a $400 credit.

Also, if anyone has installed energy efficient items into their home, there is also the energy star credit. This credit might help offset some of the extra costs associated with the extra electric etc...These in addition to the medical deductions will definately help you this year.

There were many more changes this year but I won't go into everything. If anyone has any questions I will elaborate either here or in a PM, just let me know.

Best wishes to you all!

vmhoward · Jan 13, 2010

I work in a tax office, so I have already begun......But I encourage all to get their information together early.
 
 Don't forget that there is the new making work pay credit that is supposed to make up the difference in the amount that was not withheld last year when the withholding tables were lowered, but the tax tables did not change, so there is a $400 credit.
 
 Also, if anyone has installed energy efficient items into their home, there is also the energy star credit. This credit might help offset some of the extra costs associated with the extra electric etc...These in addition to the medical deductions will definately help you this year.
 
 There were many more changes this year but I won't go into everything. If anyone has any questions I will elaborate either here or in a PM, just let me know.
 
 Best wishes to you all!

LouLou · Jan 13, 2010