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SpinDistribute.com Article Directory

The following article was published in our article directory on October 27, 2011.
Learn more about SpinDistribute Article Distribution System.

Deducting Medical Expenses

Article Category: Finances

Author Name: Christopher Anderson

Medical Expenses are one of the more difficult deductions for individuals to take when preparing their taxes . The Medical Expense deduction is limited to the expense over 7 1/2 percent of your adjusted Gross Income. In other words, you have to have little to no insurance or be very sick to be able to claim medical deductions. Because of this, people just assume that they don't qualify to take the deduction. However, often people aren't aware of all the things that can be deductable under medical expense, consequently, they miss valuable deductions and tax savings. Some of the most commonly missed medical deductions are eyeglasses, dental, medical miles, and lab tests. You would be amazed at how quickly these add up.

At Avoid Being Audited we have 37 years of experience preparing taxes, and we have had many experiences with clients where taking the time to add up medical expenses made a difference. For example, one of our clients consistently owed taxes every single year. Each year we would try to convince them to add up their medical expenses, and each year they assured me that they couldn't possibly have spent enough. One year they owed a lot of money at tax time. We finally convinced them to try adding up their medical expenses. We gave them a list of everything they could deduct and sent them on their way with assignments like getting the total amount paid for prescriptions from the pharmacy.

A few days later they came back amazed at what they had spent in medical throughout the year. In this case they saved about five hundred dollars in taxes just by taking some time to research what they had spent on their medical expenses.

Just like our clients, you will be surprised at how much your medical expenses add up to. There are a lot of things that you can add to your medical deductions that you haven't heard about. You need to talk to a tax professional about the many things you can add up with your medical expenses.

The medical expense deduction is only one of the many overlooked tax deductions that people are missing out on. There are so many more deductions that you can take, more than you realize. And you don't have to have a technical knowledge of the tax system. that will teach you everything you need to know about saving thousands on your taxes.

Keywords: medical deductions, how to deduct your medical deductions, medical expense deduction, deduction, medical expense on taxes

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