Your Income Tax Barney Affected By New Deduction Rule
Barney Blank works on his tax return and notes Medicare bill changes limiting medical expense deductions. Beginning 1967 half of medical care insurance premiums deductible up to 150, with excess included in other medical expenses. Deductible items include doctors fees hospital costs glasses hearing aids and artificial devices. Medicines taxed by 1 percent AGI rule. nonprescription meds count only as medicines. Transportation for medical trips deductible at 5 cents per mile. meals lodging not deductible. special diets rarely deductible.
MENTIONED IN THIS ARTICLE
Ned Hoelzer
CPA
Barney Blank
Barney's Complex Medical Deduction Signals $600 Allowance
Barney calculates a medical deduction totaling $600 from mixed inputs. He notes premiums $200 for his care and $100 for his wife’s mother, medicines $180 and mother-in-law $150, then adjusts for half deduction up to $150 and a separate $210 medicine total. He subtracts 3 percent of AGI $360 and arrives at an allowable medical deduction of $600.
MENTIONED IN THIS ARTICLE
Barney
Benefits Increase Saturday for Social Security Recipients
Fred A. Globig, district manager, notes a 13 percent benefits rise will appear for the first time. A few cases may misstate amounts due to family size or separation and will be corrected in checks mailed by April 3. He urges recipients with questions to wait until April to call and addresses occasional late or mislaid checks.
MENTIONED IN THIS ARTICLE
Fred A. Globig
Hamilton
Globig
Balance Of Payments Improves Under New U.S. Controls
Washington officials said preliminary January figures show the U.S. balance of payments deficit shrinking from 3.57 billion last year as the Johnson administration implements a program to curb the dollar drain by about 3 billion. Officials caution the data are early and may change as Commerce outlines two technical regulations. One lets U.S. firms pay foreign loans via foreign affiliates without affecting direct investment baselines. The other allows investors to keep more earnings abroad if allowed under the control program.
MENTIONED IN THIS ARTICLE
Washington
U.S
Department of Commerce
Virginia Gazette: first southern newspaper near Potomac
The Virginia Gazette of Williamsburg, Virginia, claims the distinction of being the first newspaper published south of the Potomac River, marking an early milestone in colonial press history.
MENTIONED IN THIS ARTICLE
Virginia Gazette
Williamsburg
Potomac River
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Dayton
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Verity Pkwy
Tytus Ave
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Wilkinson
5 Year
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Wee Ey
CAPRI
AYDS
Polident
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LYSCL
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Borden
Vavavavovaval Cva
Ancona
IONE
WWA
Zaman
Yovevovav
VORY
Couton
Diui
Teresa Eta
Sasasas
Tarvin EN
ASSIS
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Romar
PAK
MT Daes Discount
Grand Ave
Gideon
Etter
Iversit
Ait PT A
Mey Eces
ALAA
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