Maximizing your medical deductions
By Kay Bell • Bankrate.com
Taxes » Tax Deductions » Maximizing Your Medical Deductions
Medical costs seem to increase every year. There is a way to get Uncle Sam to foot some of the doctor bills, but you need to make sure you know and follow the rules.
More On Tax Deductions:
Don't overlook the medical expenses of everyone listed on your tax return. Medical and dental bills for you, your spouse and your dependents count toward the allowable deduction limit. You might be able to count some medical expenses you paid for a parent, even if Mom or Dad isn't considered your dependent for exemption purposes.
And while it's not something we
want to think about, don't forget about medical bills you paid for a deceased dependent in the year they were paid, whether before or after the person passed away.
Once you're confident you know just whose costs are covered, make sure you don't miss one.
Often-overlooked medical deductions:
Health-conscious taxpayers also have a friend in the IRS. Weight-loss programs, in some instances, now might count as a deductible medical expense, joining the stop-smoking programs the agency approved earlier.
But don't try to cheat on your calorie intake or the IRS. The diet program must be medically necessary. Acceptable situations include, for example, when a doctor recommends the regimen to reduce the health risks of obesity or hypertension.Source: www.bankrate.com