0
Should you use IRA money to pay for nursing home expenses since the expenses can be deducted?
Wiki User
∙ 15y ago
That sounds like a good idea and would benefit all of the communities of northern Ireland. IRA withdrawals are taxable, so I don't see what difference it makes....once withdrawn it is the same as any other income...there is no way to specify the money being spent is IRA money. I guess, to the degree you have expenses to offset the taxable income, it could make sense to use it them rather than years you may not have the same deductable expenses. Be aware, nursing home expenses are not nessasarilarly deductible by anymeans, and certain not entirely if at all.
Wiki User
∙ 15y ago
Add your answer:
Earn +20 pts
What is gross turnover?
Your gross turnover is how much money you have made before you subtract or take out your expenses. Once the expenses are deducted, this will give you your income.
What are tax benefits of a farm?
The fact that expenses are deducted, many items are exempt from sales tax and really the fact that it is very difficult to make any money at it.
What figure do you take for gross sales?
Gross sales is the amount of money received for all sales before expenses have been deducted. After the gross sales have been calculated, you may then deduct the expenses, leaving the net sales amount.
Why outstanding expenses and prepaid expenses are deducted?
Outstanding expenses are prepaid expenses. Prepaid expenses is money you've paid in advance before the consumption of service or product. For instance, you pay your rent in advance for the 30-31 days that you're going to use the space. By the end of the month you've consumed and have expended that which you have prepaid, and therefore is now an expense.
Net income formula?
Net income represents the amount of money remaining after all operating expenses, interest, taxes and preferred stock dividends have been deducted from a company's total revenue. The formula is Total Revenue - Total Expenses = Net Income.
What is the difference between Gross Income and Net Income as it is applied to the typical worker?
Gross income usually is the money someone or something has earned before any deductions such as taxes, expenses, or promotion has been deducted. If you are receiving money after such expenses have been deducted, you are receiving money based on NET income.
What is deducted from a pay slip?
Money can be deducted from a payslip. However, in some jobs it is illegal to deduct money. There may be a minimum wage that must be paid.
What should you do with money left over after monthly expenses are paid?
Put into a savings account.
What should you do with money left over after all monthly expenses are paid?
Put into a savings account.
What should you do with the money left over after all monthly expenses are paid?
Put into a savings account.
Money left after a business pays expenses?
1. Money left after a business pays expenses
What happens the the extra money from your loan that the school doesn't take?
You should receive a check from the school for the difference after all tuition and fees are deducted from the loan.
