When it comes to tax time, it is important to figure out which deductions you get to qualify for. Some like the idea of being able to just put in a little bit of information and then being done with taxes; and for a select few, this is all it takes to handle your tax return. But for others, you may be interested in finding out about any deductions that you can go for that will save you money and cut down on your tax bill.
Medical expenses can account for a lot of deductions as long as you can keep good records and know how to make this work. If you are confused about how to get these deductions, make sure that you contact the professionals at Martin Tax and Financial. They will be able to take a look at your tax return and explain the different medical deductions that you can qualify for. Make sure to contact our professionals today to get started and to save more money during tax season this year.
Certain Amount of Income
Medical expenses can get a bit high. When you have multiple people in your family who have gotten hurt, you are dealing with an emergency, or someone in the house has a big medical condition, the bills and quickly add up and become too much to bear. There is some hope for those who are falling behind on their bills or who need some relief. The IRS does allow you to deduct some of the expenses that you incur at the doctor office, but a few requirements need to be met.
First off, you cannot claim all of the amount that you paid for doctor bills. The amount has to take up a certain amount of your income each year. The first ten percent of your income is up to you to deal with. So if you make $10,000 a year and pay $1000 in doctor bills, you are the one responsible. But, if you start to pay a little bit more than the ten percent, you could get some deducted. For example, if you make $10,000 a year and pay $1500 in doctor bills, you will be able to deduct any amount above the ten percent; in this case you could deduct the $500.
If you need help understanding how this works or figuring out how much of your medical expenses you can deduct, make sure you contact the professionals at Martin Tax and Financial to get the answers that you need.
Hearing Aid Batteries
Hearing aids are a great tool for those who are having trouble hearing what is going on around them. But without the batteries, you may as well not have the hearing aids at all. If you need help paying for the batteries so that you are able to hear the world around you, make sure to contact the professionals at Martin Tax and Financial to find out just what you are able to deduct and for how much based on your situation.
Breast Pump and Supplies
Having a baby can get expensive. You need to make sure that you have all the supplies that are needed and that everything is going to be in order for when the baby arrives. Luckily, there are a few things that you will be able to deduct on your tax return after having a baby. If you choose to breastfeed the baby and would like to have a pump on the side to help out or for when you go back to work, the pump as well as the supplies that are connected to it can be deducted during tax time. Remember that you are only able to do this if your insurance is not already reimbursing you for the expense and that you will need to have the right receipts in place to get the deduction.
Travel Expenses
In some cases, you may have to travel in order to get to your destination for a doctor visit or some other medical need. It is not always possible to live close to a hospital and even when you do, you may be asked to go and visit somewhere else for a specialist. If you go once or twice, this usually is not as big of a deal, but for those who are constantly traveling back and forth to different doctor appointments, it can start to get a bit expensive.
It is possible to deduct some of the expenses that you incur while traveling when it comes to your tax return. You will need to have good records of how many miles you traveled to get to the location as well as how much you spend on gas, but the professionals at Martin Tax and Financial will be able to help you with this process in no time.
When it comes to learning which expenses you can deduct at the end of the year, you may be confused by all the different things that you are hearing. Rather than missing out on some of the best deductions that you deserve, make sure to contact Larry Martin from Martin Tax and Financial in Tucson, AZ. Our professionals know how to find all the best deductions and are sure to be able to help you out. Contact us today and see how easy filing your taxes can be.
M-E Accounting & Tax Services, Inc.