Kresnier Perez

Medical tax deductions allow taxpayers to reduce their taxable income by deducting qualifying medical expenses that exceed 7.5% of their adjusted gross income (AGI) for the 2023 tax year. Only the amount exceeding this threshold can be deducted from taxable income. The Internal Revenue Service defines deductible medical expenses as costs primarily paid for the […]

Medical deduction is a critical process in healthcare involving systematic analysis of patient information for diagnosis. It extends beyond symptom identification to include comprehensive understanding of medical history, physical examination findings, and diagnostic tool application. This process combines scientific knowledge, clinical experience, and intuitive reasoning. Physicians must evaluate multiple potential conditions, often under time pressure,

The Old-Age, Survivors, and Disability Insurance (OASDI) deduction is a critical component of the United States Social Security system. This deduction is taken from an employee’s paycheck to fund the Social Security program, which provides financial assistance to retirees, disabled individuals, and survivors of deceased workers. The OASDI program is designed to ensure that individuals

Section 80TTA of the Income Tax Act, 1961, provides a deduction for interest income earned on savings accounts by individual taxpayers and Hindu Undivided Families (HUFs). The provision allows eligible taxpayers to deduct up to ₹10,000 per financial year from their taxable income for interest earned on savings accounts maintained with banks, cooperative banks, and

Section 80 TTA of the Income Tax Act, 1961, provides a deduction on interest earned from savings accounts for individual taxpayers and Hindu Undivided Families (HUFs). This provision allows deductions of up to ₹10,000 on interest earned from savings accounts maintained in banks, post offices, or cooperative banks. Introduced to promote savings habits among citizens,

The EPFO 15G Form is a declaration document that allows eligible individuals to prevent tax deducted at source (TDS) on interest earned from their Employees’ Provident Fund (EPF) accounts. This form is designed for taxpayers whose total annual income falls below the basic exemption limit established by the Income Tax Department of India. When an

Section 80CCD(2) of the Income Tax Act, 1961, provides tax deductions for employer contributions to the National Pension System (NPS). This provision applies specifically to salaried employees whose employers contribute to their NPS accounts. Under Section 80CCD(2), taxpayers can claim deductions for employer contributions up to 10% of their salary, calculated on basic salary plus

Chapter VI A of the Income Tax Act, 1961, establishes the legal framework for deductions available to individual taxpayers and Hindu Undivided Families (HUFs) in India. This chapter permits taxpayers to claim specific deductions from their gross total income, resulting in reduced taxable income and lower tax obligations. The deductions under Chapter VI A encompass

Section 80EEA of the Income Tax Act provides tax benefits to first-time homebuyers in India. Individuals can claim a deduction of up to ₹1.5 lakh annually on interest paid on home loans, resulting in significant savings over the loan period. This provision demonstrates the government’s initiative to encourage home ownership and improve housing accessibility. To

Loan interest is the cost of borrowing money, expressed as a percentage of the principal amount borrowed. When an individual or entity takes out a loan, they agree to repay not only the principal but also an additional amount that compensates the lender for the risk of lending and the opportunity cost of not using