offers tips on deducting Medical Expenses on your Tax Return for a Maximum Tax Refund

If you have a lot of medical or dental bills, you may be able to deduct some of them on your tax return. Keep in mind you will need to itemize your deductions in order to do so.
Jan. 23, 2013 - PRLog -- There are a couple of steps to figure out whether you can claim any of your medical expenses. Here are the steps.

First, you need to add up all of your medical and dental expenses. You can include expenses you paid for yourself, your spouse, or a dependent such as your child. Be sure to count any medical expense you paid during the year. Usually what counts is the date you paid an expense, not the date when the medical service was received. Expenses that qualify include co-payments and unreimbursed amounts for prescriptions, doctor visits, and procedures. You could also include some insurance premiums, medical supplies, medical related mileage, and transportation costs, and now you can also include breast pumps and breast feeding supplies.

Step two is you need to see if you are total expenses are more than 7.5% of your adjusted gross income. If they are, you can deduct the portion of your expenses that exceeds 7.5%. So, for example, if your income is $50,000, you can only claim the portion of your medical expenses that is more than $3,750, and be sure to keep all of your receipts.

To find out more about what expenses qualify, visit

Email:*** Email Verified
Phone:855 275 3829
Tags:Etax, Tax Refund, Tax Return, Irs, Efile
Industry:Finance, Accounting
Location:New York City - New York - United States
Account Email Address Verified     Account Phone Number Verified     Disclaimer     Report Abuse

Like PRLog?
Click to Share