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In The Morning News

Posted on 04/10/2008 by |Archived Contributor | Comments

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USA Today: Medical Tourism Expenses Can Be Tax Deductible
Jordan Amin, CPA, responds to a readers question on the tax deductibility of medical-travel expenses. Amin writes, “If your trip to India was primarily for medical expenses, your actual transportation and lodging costs are deductible. Lodging costs however are limited to $50 per night and the costs of meals are not deductible. Qualified medical expenses are deductible for federal income tax purposes as an itemized deduction to the extent that they exceed 7.5% of your adjusted gross income.”
Forbes: The Best Cars For Retirees
“On top: the Honda Odyssey. It earned stellar safety ratings. What’s more, it has a tilt and telescoping steering column and eight-way power-adjustable seats to improve visibility without a lot of twisting and turning. The sliding doors are power-operated for easier opening.” And those “amenities…are becoming increasingly common as automakers cater to men and women age 65 and older–the country’s fastest-growing population segment.” Forbes adds, “Some things that mature drivers should take into consideration when buying a vehicle are crash-test safety ratings; safety features such as airbags; driver’s seat position in proportion to the vehicle’s controls; ease of egress and entrance; and ample cargo space.”
CNN: Report Shows Americans Are Increasingly Pessimistic About Retirement Savings
Rooney reports that “nearly half of the retirees polled said their health care costs were higher than they expected and more than half say they are more worried about their financial future now than they were right after entering retirement.” But the “rising awareness about the diminishing availability of employer-paid health care coverage in retirement may actually turn out to be a blessing in disguise, according to Salisbury.”