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Date: | Tue, 16 Sep 1997 12:51:46 -0500 |
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<<Disclaimer: Verify this information before applying it to your situation.>>
Well, I didn't get much information - mostly just people thinking that it
was pretty neat and wanting whatever info I got! :) My two
information-providing responses are included below. Since I'm really new at
this celiac thing (diagnosed for 3 months), I don't have the best grasp of
the costs. I estimated $200 for this year, which I suspect is WAY low, but
I'd rather get all of my money back out of the account than lose it. I'll
keep track and have a better idea next year.
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"As an accountant, I can tell you that the pre-tax spending account is
a better benefit than trying to get the itemized decuction on your
taxes. On your tax form, you have to deduct 7.5 percent of your
income before getting the medical expense decuction. For most, that
is too much specialty for what most use.
I haven't read through the stipulations lately, but figure how much
items cost you per month and multiply. Use the closest comparable
product(s) for your normal cost deduction amount. Keep a list of the
date, product brand, size and price that you used to figure your
average cost of a similiar product. I don't think you need to revise
the prices except maybe once or twice per year. The change is not
likely to ever be very big, so the IRS won't panic if your standard
price is updated once a year."
"My understanding is that the only amount that is tax deductable of the
Celiac diet is that amount above a normal non-medical diet. We keep track
of that using Quicken for which you can do a split. But the amount that is
tax deductable is that in excess of medical law again percentages again."
Chris Silker
Minneapolis, MN
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