Medical expenses and insurance can be complicated. Determining medical deductions can be complicated as well. Don’t miss out on deductions you may be entitled to. Schedule a meeting with us to review your medical expenses and tax information to make the most of your refund. Call us anytime at (913) 888-9100. In the meantime, here are some of the medical deductions we frequently see as missed opportunities:
- Are you self-employed with more than $3,000 in out of pocket medical expenses per year? Medical expenses are deductible if you itemize your deductions, after you subtract 10% of your adjusted gross income. Under our TASC program, ALL of the medical expense could be deductible to your business. Savings usually start at $2,000 the first year.
- Do you have a health savings account (HSA)? If not, this can be a great way to pay for medical expenses, if you qualify. If you aren’t making a contribution to a HSA, you are paying income tax on your medical expenses.
- Have you incurred significant mileage related to medical expenses? Travel to a doctor’s office, hospital, medical lab or nursing facility is deductible on Schedule A as Medical Mileage. For 2014, the IRS mileage rate for medical mileage is 23.5 cents per mile – or about $1 for every 4 miles you drove.
There are only 12 more days until the 2014 tax filing deadline. Let us know how we can help you!
Richard Adams is a graduate of Benedictine College in Atchison, Kansas, with dual majors in Accounting and Business Administration. He is also a graduate of Wentworth Military Academy in Lexington, Missouri.