Filed your taxes yet??? Think of next year!

[Guest guest]

I hope you haven't filed your taxes yet, people!

According to the federal tax laws, you can deduct mileage for medical purposes on your federal taxes! It's 10 cents a mile and you have to be itemizing your deductions. "You can deduct only the amount of your medical and dental expenses that is more than 7.5% of your adjusted gross income shown on line 34, Form 1040." so says the IRS.

But, you may be surprised what qualifies for medical expenses. "Medical expenses include, fees paid to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and Christian Science practitioners. Also included are payments for hospital services, qualified long-term care services, accident and health, and qualified long-term care insurance premiums, nursing services, laboratory fees, prescription medicines and drugs, and insulin. Payments for acupuncture treatments or inpatient treatment at a center for alcohol or drug addiction are also deductible medical expenses. You may include amounts paid by you for participants in a smoking-cessation program and for prescribed drugs designed to alleviate nicotine withdrawal. However, you may not deduct amounts paid for drugs and aids not requiring a prescription, such as nicotine gum and certain nicotine patches. "

"Transportation costs necessary for medical care qualify as medical expenses. The actual fare for a taxi, bus, train, or ambulance can be deducted. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate of 10 cents a mile. With either method you may include tolls and parking fees. "

"You may include in medical expenses the incidental cost of meals and lodging charged by the hospital or similar institution if your main reason for being there is to receive medical care. "

START SAVING THOSE RECEIPTS GUYS!!

Could be you all already know this, but I'm sure excited! Check out the IRS's website, it's really filled with good information!

http://www.irs.ustreas.gov/plain/tax_edu/teletax/tc502.html

http://www.IRS.ustreas.gov/plain/forms_pubs/pubs/p172304.htm

C./subscribe/Plagiocephaly