Mar 08, · Yes, in certain instances nursing home expenses are allowable as medical expenses. If you or someone who was your spouse or your dependent, either when the service was provided or when you paid the expense, is in a nursing home primarily for medical care, then the entire cost including meals and lodging is deductible as a medical expense. The child care expense deduction that a taxpayer may claim for a year in respect of each eligible child is limited to the annual child care expense amount which is defined in subsection 63(3). The annual child care expense amount for each child is determined with reference to the child’s age, physical and mental condition.
For tax years beginning in , the dollar limitation under section (i) on voluntary employee salary reductions for contributions to health FSAs is $2, Qualified equity grants. For tax years beginning after , certain qualified employees can make a new election to defer income taxation for up to 5 years for the qualified stocks received. Jan 08, · Congress Changed College Savings Plans, And Now States Are Nervous: NPR Ed Why the dramatically new vision for the popular college savings plan could cost some states dearly.