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Personal Finance
We are dedicated to keeping clients abreast of the latest developments and tax-saving strategies. This section includes a library of hundreds of timely articles about business, taxes, finances, trends and the like. The articles are categorized by subject matter, which can be accessed from the links. Click on your topic of interest and find a wealth of information.
DEDUCTIBLE MEDICAL CARE
Medical care expenses are amounts paid for the diagnosis, cure, mitigation, treatment, or prevention of disease, and for treatments affecting any part or function of the body. The medical care expenses must be primarily to alleviate or prevent a physical or mental defect or illness. This section provides details to special issues related to medical care expenses. However, keep in mind, that there are income restrictions limiting the medical deductions.
- Medical Expenses Relating to Adoption
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Medical expense payments made by an adopting parent for medical services rendered to a child even before the child was placed in the parent's home are deductible if:
The child is a dependent of the adopting parent when services are rendered or paid,...
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- Cosmetic Surgery
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Generally, cosmetic surgery is not a deductible medical expense. Cosmetic surgery is defined as any procedure, which is directed at improving the patient's appearance and does not meaningfully promote the proper function of the body or prevent or treat...
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- Dependents & Medical Expenses
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Medical Dependents - Medical expenses paid for dependents may be deducted. To claim these expenses, the person must have been a dependent either at the time the medical services were provided, or at the time the expenses were paid. A person generally...
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- Alcoholism & Drug Addiction
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You can include in medical expenses amounts you pay for an inpatient's treatment at a therapeutic center for alcohol or drug addiction. This includes meals and lodging provided by the center during treatment.You can also include in medical expenses transportation...
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- Eldercare Can Be a Medical Deduction
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With people living longer, many find themselves becoming the care provider for elderly parents, spouses and others who can no longer live independently. When this happens, questions always come up regarding the tax ramifications associated with the cost...
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- Impairment-Related Medical Expenses
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Amounts paid for special equipment installed in the home or for improvements may be included in medical expenses, if their main purpose is medical care for the taxpayer, the spouse, or a dependent. The cost of permanent improvements that increase the...
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- Insurance Premiums
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You can include in medical expenses insurance premiums you pay for policies that cover medical care. Policies can provide payment for:
Hospitalization, surgical fees, x-rays, etc.,
Prescription drugs,
Replacement of lost or damaged contact lenses,...
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- Medical Deduction Income Restrictions
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Presently, taxpayers can only deduct medical expenses if they itemize their deductions. In addition, medical expenses are only deductible if they exceed 7.5% of a taxpayer’s income (AGI), and then only the amount that exceeds that income limit is...
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- Long-Term Care
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Amounts paid for long-term care services and certain premiums paid on long-term care insurance are deductible as medical expenses on Schedule A. Costs of care provided by a relative who is not a licensed professional or by a related corporation or partnership...
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- Nursing Services
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Wages and other amounts paid for nursing services can be included in medical expenses. Services need not be performed by a nurse as long as the services are of a kind generally performed by a nurse. This includes services connected with caring for the...
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- Smoke Cessation Programs
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The IRS has ruled that unreimbursed amounts paid by taxpayers for participation in smoking-cessation programs and for prescribed drugs designed to alleviate nicotine withdrawal are expenses for medical care that are deductible subject to the 7.5%-of-AGI...
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- Special Schools and Education
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You can include in medical expenses payments to a special school for a mentally impaired or physically disabled person, if the main reason for using the school is its resources for relieving the disability. You can include, for example, the cost of:
Teaching...
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- Surrogate Mother Expenses
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Surrogate mother expenses are not specifically addressed in the Tax Code or Regulations. However, the Code does tell us that medical expenses are only deductible for the taxpayer, spouse and dependents. The definition of a dependent for medical purposes...
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- Weight Loss & Obesity Medical Deductions
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The expenses for certain weight-loss programs may be deducted as a medical expense. In order for uncompensated amounts paid by individuals for participation in a weight-loss program to be deductible, the program must be undertaken as treatment for a specific...
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- Medical Checklist
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The following is a checklist of medical expenses. The list is by no means all-inclusive and some of the deductions listed may have additional restrictions not included here. Please call this office with questions regarding these or other potential medical...
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- Medical Travel Expenses
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Auto Travel - Deduction is allowed at a specified cents per mile rate (see table) or for actual cost of gas and oil (not repairs, maintenance, depreciation, lease fees, etc.)
Year
2009
2010
Rate
24.0
16.5
Trips - Amounts...
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