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Tax Deduction Consulting: Medical Tax Deductions Buckhannon WV

It is very hard to take deductions for medical expenses, but not impossible. Knowing your allowable medical tax deductions will help. Keep on reading to know more details of allowable medical tax deductions.

Harold D. Vealey (RFC®), CLU, LUTCF
(304) 346-2154
910 Chester Road
Charleston, WV
Company
Vealey Financial Services
Qualifications
Education: BA
Years of Experience: 43
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Medicaid Planning, Tax Planning, Seminars Work, Employee Benefits, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, BuySell, Compensation Plans

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Liberty Tax Service
(866) 871-1040
103 N Pike St
Grafton, WV

Data Provided by:
Liberty Tax Service
(866) 871-1040
827 Fairmont Rd
Morgantown, WV

Data Provided by:
Liberty Tax Service
(866) 871-1040
911 Country Club Rd
Fairmont, WV

Data Provided by:
Tax Tech
(304) 296-1040
990 Fairmont Rd Ste C
Morgantown, WV

Data Provided by:
Mr. Gregory R. Metcalf (RFC®), RFP
(307) 723-5018
200 Ivy St
Weirton, WV
Company
Horizon Financial Group
Qualifications
Education: Ohio University, BBA FinanceCollege for Financial Planning's CFP Certification Professional Education Program
Years of Experience: 15
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Portfolio Management, Pension Planning, Retirement Planning, Medicaid Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Education Plan, Healthcare Accounts, Asset Protection

Data Provided by:
H&R Block Inside Sears At Towne Center Mall
(304) 345-1373
200 QUARRIER ST
CHARLESTON, WV

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Penny Pinchers LLC
(304) 587-4005
Po Box 825
Clay, WV

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H&R Block
(304) 797-1216
3348 MAIN ST
WEIRTON, WV

Data Provided by:
SullivanWebb, pllc Certified Public Accountants
(304) 697-0565
422 Kinetic Drive Suite C
Huntington, WV
 
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Tax Deduction Consulting: Medical Tax Deductions

Allowable Medical Tax Deductions

The IRS makes it hard to take deductions for medical expenses, but not impossible. Knowing your allowable medical tax deductions will help.

The big problem with medical expense deductions on your income tax return is that you can only deduct expenses that exceed 7.5% of your adjusted gross income. This would mean that a person with an adjusted gross income of $50,000 would have to come up with more than $3750 of medical costs to reach the limit. It is obvious that a person's routine medical bills are not considered allowable medical tax deductions.

The logic behind this tax policy is that everyone has some medical expense even if it is only Insurance premiums. Therefore, a portion of everyone's income goes for this purpose and so there should not be a deduction. It is when the medical expenses become higher than normal that they would be considered a deduction. Of course, if you take the standard deduction the routine medical expense is factored into that. If you itemize, you can only include the excess over the 7.5% limit.

Although the 7.5% limit seems daunting at first, there are a lot of items that are often overlooked. For example, the cost of travel to and from medical treatments is an allowable medical deduction. This was 24 cents per mile in 2009, but will drop to 16.5 cents in 2010. Such things as the cost of drug abuse or alcohol treatment are deductible. Many procedures that are not necessarily covered by most insurance policies might be deductible. Do not assume because your insurance does not pay for it that the IRS considers it non-allowable.

You can claim the medical expenses of all of your dependents, of course, and this is an area where many people miss deductions. Any thing that is suggested by your doctor, such as a humidifier for your home, is deductible. Even the cost of medical seminars or conferences that relate to an illness or chronic condition of you or a dependent could be deducted. ...

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