Medical Expenses are one of the more difficult deductions for citizen to take when preparing their taxes. This deduction is minute to the expense over 7 1/2 percent of your adjusted Gross Income. In other words, you have to have minute to no insurance or be de facto sick to be able to claim healing deductions. Because of this, citizen just assume that they don't qualify to take the deduction. However, often citizen aren't aware of all the expenses that can be deductable under healing expense, and consequently miss important deductions and tax savings. Some of the most commonly missed deductions are eyeglasses, dental, healing miles, and lab tests. You would be amazed at how swiftly these add up.
Our office has had many experiences with clients where taking the time to add up healing expenses made a difference. For example, one of our clients consistently owed taxes every singular year. Each year we would try to convince them to add up these expenses, and each year they were determined that they couldn't possibly have spent enough. One year they once again owed money at tax time. We finally convinced them to try adding up their healing expenses. We gave them a list of all they could deduct and sent them on their way with assignments like getting the total whole paid for prescriptions from the pharmacy.
A few days later they came back amazed at how much they had spent in healing throughout the year. In this singular case they saved about five hundred dollars in taxes just by taking some time to research what they had spent on their healing expenses.
The healing expense deduction is only one of the many overlooked tax deductions that citizen are missing out on. There are so many more deductions that you can take, more than you realize. We find that citizen just don't take time to learn about what they can deduct.
2011 Taxes: Deducting Your healing Expenses
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