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Well...not exactly. (And as an aside, the medical benefit given to you when you were an employee wasn't taxable).
Medical costs, including health insurance (which is what COBRA is) are only deductible to the amount they exceed a fairly large (I believe its 7.5% ) of adjusted gross income. NOTE: Some States have a much lower threshold for their income tax.
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Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
Are federal tax payments deductible expenses for a corporation?
No
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Are bankruptcy payments tax deductible?
Absolutely not. Bankruptcy payments are repayments for debts that you incurred in the past and did not pay. There is no circumstances where these could be deductible on your income taxes.
Are house rental payments tax deductible?
No, sorry. That's why owning a house is better for tax purposes but even then the principal payments are not deductible, only the interest on each one added over the whole year.
Are income tax payments deductible?
State income tax payments are deductible on your federal income tax return. (You may deduct state income tax or sales tax, but not both.) Federal income tax payments are deductible on your state tax return in a tiny number of states.
Is spousal support tax deductible?
Spousal support payments would not be deductible on your income tax return. Only Alimony payments would be deductible on your 1040 income tax return.
Are tax payments deductible?
Estimated Income tax payments are not deductible in figuring out what your taxable income is, that determines how much your actual income tax is. See, that's circular.
Are federal tax payments deductible expenses for a corporation?
No
Is credit card interest payments tax deductible?
NO The personal interest is never deductible on your 1040 federal income tax return
Are bankruptcy payments tax deductible?
Absolutely not. Bankruptcy payments are repayments for debts that you incurred in the past and did not pay. There is no circumstances where these could be deductible on your income taxes.
Are house rental payments tax deductible?
No, sorry. That's why owning a house is better for tax purposes but even then the principal payments are not deductible, only the interest on each one added over the whole year.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
Are automobile lease payments tax deductible?
Not on personal leases, sometimes on business leases (as an expense).
How does child support payments effect your income taxes?
It's neither taxable, or tax deductible.
Are medicare supplement insurance payments tax deductible?
http://www.medicaresupplementnews.com/]Medicare Supplement News
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
