Discuss the Timing of the Allowable Medical Expense Deduction

question 87

Essay

Discuss the timing of the allowable medical expense deduction.

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Definitions:

Discount Method

A financial calculation technique used to determine the present value of future cash flows or payments by applying a specific discount rate.

Discount Date

The last day on which a cash discount may be taken. The day on which a note is discounted (sold).

Due Date

The final day an invoice is to be paid. After that day the buyer may be charged interest. Also, the date by which a loan is to be repaid.

Remittance

Amount that a buyer actually pays after deducting a cash discount.