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You forgot to claim medical expenses on two years of income taxes Can you claim them on the following years?
Wiki User
∙ 15y ago
No. All items on a years reurn must be for that year/accounting period. But you can amend the prior years returns to correct them on a form 1040X. Medical deductions only produce a deduction over a minimum amount, calculated as a percent of AGI, whih many people don't meet.
Wiki User
∙ 15y ago
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A budget is used to do which of the following?
Plan income and expenses.
How is net income measured on an income statement?
following is the formula for measuring net income or loss:Net income (loss) = total revenue - total expenses.
Can medical bills from an accident be claimed on taxes if there was a settlement?
Not if the settlement is medical expenses is more than the actual medical expense were. If the expense have already been deducted on your income tax return and you receive a settlement after that then you will have some recovery income that will have to be reported as income on your income tax return.
Does gross profit minus expenses equal net income?
Yes, gross profit minus expenses equal to net income as proved by following: Sales xxxx less: Cost of sales xxxx Gross profit xxxx Less: Admin & Selling expenses xxxx Other expenses xxxx Net Income xxxx
How to prepare a income statement?
Sales - cost of goods sold = gross profit. - operating expenses(i.e marketing expenses and administrative expenses) = operating income. + other income - other expenses = income before tax - tax = net income/profit.
A budget is used to do which of the following?
Plan income and expenses.
If you plan to spend 9 percent of your monthly income on medical expenses how much would you budget for a monthly income of 1550?
If you plan to spend 9 percent of your monthly income on medical expenses, you would budget $139.50 for a monthly income of $1550.
How Much Medical Expenses are tax deductible?
Medical expenses are deductible up to the amount that they exceed 7.5% of your AGI. If you had an adjusted gross income of $100,000 and your unreimbursed medical expenses were $13,000 than your medical expenses deductible would be $5,500 (13,000 - (100,000 * 7.5%)).
A company's month-end adjusting entry for Insurance Expense is 1000 If this entry is not made then expenses are understated by 1000 and net income is overstated by 1000?
Yes this is right statement as if some expenses are forgot to record it overstated the net income and reduces the expenses but in actual there is less net income then shown in income statement.
Does medical expenses cover funeral expenses if a relative is killed on your property?
Funeral expenses are NOT deductible on an individual taxpayers income tax return.
How is net income measured on an income statement?
following is the formula for measuring net income or loss:Net income (loss) = total revenue - total expenses.
How does medical expense insurance differ from disability income insurance?
Medical expense insurance: Covers some or all of the out of pocket expenses paid by the insured for covered medical expenses. Disability insurance: Makes up for some or all of the income lost during the disability of the insured.
Do you have to itemize to get a deduction for hearing aids?
You have to itemize your medical expenses in order to get a deduction for hearing aids. Then you only get to deduct the amount of medical expenses that are above 7.5% of your adjusted gross income.
Are expenses paid for Life Line Screening a medical deduction on income tax return?
Not in Canada.
Do you have to pay child support and half of medical expenses?
States have guidelines that provide how much should be paid in child support and medical expenses by the non-custodial parent. The guidelines use several factors including income of the parties and who provides medical insurance.States have guidelines that provide how much should be paid in child support and medical expenses by the non-custodial parent. The guidelines use several factors including income of the parties and who provides medical insurance.States have guidelines that provide how much should be paid in child support and medical expenses by the non-custodial parent. The guidelines use several factors including income of the parties and who provides medical insurance.States have guidelines that provide how much should be paid in child support and medical expenses by the non-custodial parent. The guidelines use several factors including income of the parties and who provides medical insurance.
Can medical bills from an accident be claimed on taxes if there was a settlement?
Not if the settlement is medical expenses is more than the actual medical expense were. If the expense have already been deducted on your income tax return and you receive a settlement after that then you will have some recovery income that will have to be reported as income on your income tax return.
What is a plan of income and expenses?
A plan of income and expenses is an approach to building income and paying down expenses. Many people maintain a plan for their income and expenses without realizing it.
