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03 - Accounting & Taxes Accounting Help & Tax Strategies

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Old 07-07-2008, 11:22 AM
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It ISN'T a wash really. Depending on how these payments are classified (as a reimbursement to you, or as a benefit to the company) depends on where you can classify it on your 1040. It is MUCH better to have the deduction on Line 29 of 1040 and not as part of your Schedule A. For one -- if you can't itemize (or don't), you lose the deduction. Secondly, your Schedule A medical deductions are reduced by 7.5% of your AGI. That can be a few precious pennies, and can mean considerable tax savings.
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Old 11-20-2012, 06:28 AM
adrian_in9@yaho adrian_in9@yaho is offline
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The person should have to consider many factors while deciding the insurance amount. The dependent within the family, the life-style of the family, expenses of children's education, how much someone will afford and what are the investment needs of the person are the factors on that insurance amount depends.
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