yes...and sometimes your self-employed - deductions do not
[ In Reply To ..]
add up enough to be higher than the "standard deduction," which has happened to me in the past...then you cannot deduct anything at all. sigh.
If you are an employee, you don't - bootstraps
[ In Reply To ..]
If I'm reading my check stub right, what I pay into my employee-provided insurance is taken right off the top and is reflected in my adjusted earningg, which I think is what I start out with when I begin to fill out my taxes, so I'm paying taxes on a lower income.
So if I made $75,000 (in my dreams lol) and paid $5000 in insurance, then my starting point on tax form would be $70,000, then all the other deductions after that on the regular nonitemized form.
So, unless an MT is an IC or an MTSO, I don't think you have to itemize to benefit tax-wise. It's kinda built in.
I'm definitely no tax pro, but I didn't itemize last year and I paid taxes on my income minus what I paid into health insurance.
I think all the deductions should be dropped & overall rate adjusted - sm
[ In Reply To ..]
Some companies pay 100% of very good health plans (employee not allowed to deduct). Some companies pay part or nothing towards employee health insurance. Those employees may or may not be qualify for deductions. IC and self-employed people pay their own health insurance and may or may not qualify to deduct. So, why should some people receive a tax-free paid benefit, while other cannot deduct a self-paid plan?
Home interest. Why should some people be allowed to deduct interest when not everyone can qualify? Also, I think this promotes people buying homes they truly cannot afford.
Charitable. I sm rather disgusted with people "donating" junk cars and nasty clothes and then getting a deduction.
My opinion, for what it is worth.
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