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Week 5discusiions - Essay Example

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The system offers checks and equity to the government and revenue. One disallowed deduction is the expense incurred when trying to lose weight. In order to make it an authorized deduction,…
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Week 5discusiions
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Medical and Charitable Deductions: al Affiliation: Medical and Charitable Deductions The Internal Revenue Service permits taxpayers to have allowed and disallowed deductions. The system offers checks and equity to the government and revenue. One disallowed deduction is the expense incurred when trying to lose weight. In order to make it an authorized deduction, the taxpayer can seek professional assistance in acquiring the Body Mass Index. Based on the body mass index the taxpayer can offer evidence of obesity. They can apply for deductions on weight loss by citing obesity as a health condition.
Obesity is a certified medical illness that can harm the body or possible death. An active that will lead to weight loss is a treatment procedure. Therefore, an expense incurred during the weight loss process becomes a permitted deduction. However, the deductions must be more than 10% of the Annual Gross Income of the taxpayer (U.S Department of the Treasury, 2015). Furthermore, the taxpayer should not appear as a dependent on another person’s tax returns.
A client who owns stocks can fund qualified organizations through appreciated securities in the stock market. The decision to sell the appreciated shares means that the client will forego the capital gains associated with them. The client will forego the capital gains and tax liabilities, but will include them as potential deductions. Furthermore, the deduction will be on the prevailing market value.
However, when the qualified group is receiving the stock and wants value for money, they will have to cash the shares. Since the organization is non-profit, it would not be liable to tax liability associated with capital gains.
For instance, consider a client with appreciated securities of 10,000 with a market value of $45. The client decides to offer the stock (10,000) to a qualified organization. They can deduct $45,000 as part of the potential deductions. They will have contributed the appreciated shares, and realized gains through the deduction.
References
Department of the Treasury. (2015, February 6). Your Federal Income Tax. Tax Guide 2014, 143-285. Read More
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