“Qualified Medical Deductions” refer to the costs associated with the “diagnosis, cure, mitigation, treatment, or prevention of any disease recognized by the medical community… and the costs for treatments affecting any area or function of the body” ( ). Qualified medical deductions are expenses you paid during the tax year for yourself, your spouse, or your dependents.” Are Medical Expenses Deductible?Īccording to, “The IRS allows you to deduct a certain amount of medical expenses if you itemize deductions. If it’s not, then you will actually pay more in tax if you itemize. Therefore, after adding up your itemized deductions, you need to make sure the total is greater than the standard deduction for your filing status. When deciding whether to itemize, you need to remember that you will be giving up the standard deduction. According to TurboTax, “The benefit of itemizing is that it allows you to claim a larger deduction than the standard deduction.” Consult your accountant or look for the 1040 form if you use a program or online service to complete your taxes. When filing your taxes, you generally have the option to select the “Standard Deduction” or to “Itemize Deductions”. Some such items include medical expenses, property taxes, and donations to qualifying charities. In the U.S., these expenses are referred to as “itemized deductions”. For complete tax deduction information, contact a Certified Public Accountant What is a Deduction?Īccording to Wikipedia, a “Tax deduction is a reduction of income that is able to be taxed, and is commonly a result of expenses.” Many areas allow taxpaying individuals to subtract certain personal expenses from their taxable income. This information is accurate as of February 16, 2017, in accordance with the sources cited. ![]() ![]() *Note: This information is not a complete or exhaustive guide. To help you determine what is and is not eligible and answer questions such as “Is a stair lift tax-deductible?”, we’ve compiled this handy guide. Fortunately, you can recoup some of the expenses by deducting the cost of the items on your taxes. It’s tax time again! Durable medical equipment and home modifications to help you or a loved one comfortably age in place can get expensive. Aging in Place: The Nursing Home Alternative. ![]() Savaria Multilift Vertical Platform Lift.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |