July 20, 2018

itemized deductions

New Bill Calls for Drug-Testing Taxpayers Claiming More Than $150k in Itemized Deductions

A big part of politics, I think, is trolling. And, just like on the internet, it works! Look no further than the presumptive nominee of the Republican Party. He's basically the Fox Nation comment section incarnate and yet, he could be the next President of the United States! From a legislative standpoint, this works too. […]

Did Anthony Weiner Pump Up His Itemized Deductions?

The Post reports that Anthony Weiner’s “2010 tax return shows he took $40,521 in unspecified itemized deductions on an income of $156,117.”

It quotes “Manhattan CPA” Jonathan Medows as saying “It’s definitely a very large deduction,” and “[they] appeared to include more than the standard writeoffs for state and local taxes and Weiner’s mortgage.” If you were to guess to where the “unspecified itemized deductions” of $40k were located, they are probably included on line 28 of Schedule A for “Other Miscellaneous Deductions.” Of course what exactly the deductions are, is a mystery. But if you’ve got some ideas, we’d love to hear them. [NYP]

IRS: Okay, Fine, Breast Pumps Are Medical Expenses

Apparently Doug Shulman & Co. have backed off the idea that a mother’s milk simply promotes a baby’s nutrition (which is a necessity not a medical condition) akin to orange juice preventing scurvy.

Breast pumps and other lactation supplies are now tax deductible as medical expenses, the Internal Revenue Service said on Thursday, February 10, reversing a long-held position. The new ruling means that families can use pre-tax funds from their flexible spending accounts and health savings accounts for these supplies. Breast pumps typically cost more than $200 and, along with supplies, can run as high as $1,000 in the first year of a baby’s life.

Breast-feeding supplies deductible, IRS rules [Reuters]

Earlier:
What Does the IRS Have Against Boobs?