Word: deductions
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SMOKING BREAK The IRS apparently figures that people who live longer pay taxes longer. That might explain why the agency will now allow smokers to deduct the unreimbursed cost of antismoking programs or prescription drugs as a medical expense on their returns--as long as total medical costs exceed 7.5% of gross income. (Nicotine patches and gum don't count.) To make a claim from previous years, file a 1040X amended return...
There was also, I regret to say, a widespread willingness to exploit seriously ill patients, feeble-minded children and all manner of unfortunates without their consent for purposes the investigators seemed worthy--even if you deduct for the inevitable impulse toward self-aggrandizement that accompanies most creative work. No one, in fact, had yet heard of the idea of informed consent and as far as I can tell everyone thought he was doing something of value in these studies...
...addition, the budget proposes to extend a little-known aid measure which allows students to deduct the interest on their student loans from their taxable income. They are now allowed to do so only for the first 60 months of repayment, and the budget would extend that privilege over the entire life of the loan...
Most of the newer savings plans make contributions deductible against state taxes. New York, for example, launched its plan two months ago. It permits couples to set aside up to $10,000 a year per student and lets New York residents deduct the full amount from their income on their state return. Missouri will approve a tax-deductible savings plan in December. Minnesota is expected to adopt a plan in which the state matches 5% of your contributions. These college-savings plans are open to everyone, regardless of income--in contrast to the Roth IRA and other federal savings plans...
Americans seem happy to share their wealth: they gave $143 billion to charities in 1997, up 7% from 1996, according to figures out last week. Religious and health groups got the most. Tip: instead of cash, donate appreciated stock, which you can deduct at market value without paying capital-gains...