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Tax Deduction Consulting: Medical Tax Deductions Butte MT

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.

John Shellenberger
P.O Box 4758
Bozeman, MT
Company: Estate Conservation Associates
Franklin & Marshall College A.B.
Stanford University M.A.
Years Experience
Years Experience: 34
Supplemental Medicare Insurance,College Planning,401k Rollover From Employer,Income for Life/ Preserve Principal,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Fee-Only Comprehensive Financial Planning,Long-term Care Insurance,1031 Exchanges,Wealth Engineering,Stock Market Alternative,Wealth Management,Life Insurance,Inves

Data Provided by:
Campbell and Associates,CPAs
(406) 728-9288
2505 S Russell
Missoula, MT
Newland and Company-A Professional Corporation
(406) 494-4754
2900 Lexington Ave
Butte, MT
Prigge Robert L CPA
(406) 723-3243
43 E Broadway St
Butte, MT
Associated Services
(406) 782-7225
1620 Harrison Ave
Butte, MT
H&R Block Inside Russell Square Shopping Center
(406) 251-6020
1132 SW Higgins Ave Ste 210
Missoula, MT

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H&R Block
(406) 727-3577
7353 Goddard Dr Bldg 1150
Malmstrom Afb, MT

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Walsh Mary L CPA
(406) 782-1955
2035 Grand Ave
Butte, MT
Ricklyons CPA Pllc CPA
(406) 533-0701
3410 Harrison Ave
Butte, MT
Burt Patrick J CPA
(406) 494-4754
2900 Lexington Ave
Butte, MT
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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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