Medical Expenses - Itemized Deductions

Medical Expenses - Overlooked Deductions

Medical Expenses - Maximize Your Deductions

Self-Employed Health Insurance

Medical Expenses for Long-Term Care

Medical Expenses - Itemized Deductions
If you itemize your deductions, you may be able to deduct medical expenses. You can deduct the amount that is more than 7.5% of your adjusted gross income. Generally, you are allowed to deduct unreimbursed medical, eye care, and dental expenses for yourself and for someone who was your spouse or your dependent when you paid the expenses. Advance payments are not deductible until the service is rendered.
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Medical Expenses - Overlooked Deductions
Do not overlook any medical deductions for which you may qualify. Hearing aids, eye glasses, contact lenses, hospital fees for nursing, physical therapy, weight-loss programs prescribed for obesity, lab tests, and x-rays are all deductible. The mileage to and from a doctor's or dentist's office is deductible at 12 cents per mile as are parking fees and bus or taxi costs.
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Medical Expenses - Maximize Your Deductions
If you file Form 1040, U.S. Individual Income Tax Return, and itemize your deductions, you may deduct medical expenses that are over 7.5% of your adjusted gross income. Careful tax planning may allow you to plan ahead so that you could take more medical deductions during one tax year instead of spreading them over two. For example, in a year that you already have substantial medical expenses, schedule and pay for your routine doctor or dentist appointments by December 31 instead of early in the next year.
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Self-Employed Health Insurance
If you are self-employed, you may deduct up to 100% of your medical insurance costs that cover yourself, your spouse, and your dependents on Form 1040 as an adjustment to income. To do this, you and your spouse must not be eligible to participate in an employer-subsidized health plan.
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Medical Expenses for Long-Term Care
The costs of qualified long-term care services can generally be included as medical expenses. These costs include a part of the premiums for qualified long-term care insurance. Long-term care insurance premiums covering these qualified services are deductible as medical expenses (subject to the 7.5% of the adjusted gross income limit and certain age limitations).