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Tax Deduction Consulting: Medical Tax Deductions Fremont NE

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.

Bottom Line Tax Professionals
(402) 727-7507
301 E 6th St
Fremont, NE

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Liberty Tax Service
(866) 871-1040
15805 W Maple Rd # 106
Omaha, NE

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Mr. Scott C. Taylor (RFC®), CHFC, CLU
(402) 571-1505
7216 Graceland Drive
Omaha, NE
Company
Midwest Capital
Qualifications
Education: BBA, CLU, ChFC
Years of Experience: 28
Membership
IARFC, MDRT, SFSP, NAIFA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Education Plan, Healthcare Accounts, Charitable Foundations, Asset Protection, BuySell, Compensation Plans

Data Provided by:
Mr. Richard A. Strevey (RFC®), CFP
(402) 445-2288
14301 FNB Parkway #306
Omaha, NE
Company
Strevey Financial Services
Qualifications
Education: BS
Years of Experience: 34
Membership
IARFC, MDRT, FPA, NAIFA
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Seminars Work, Employee Benefits, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, Group Insurance, Charitable Planning, Asset Protection, BuySell, Compensation Plans

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Liberty Tax Service
(866) 871-1040
2115 2nd Ave # B
Kearney, NE

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Jackson Hewitt
(402) 727-7507
1817 N. Bell Street
Fremont, NE

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Mr. Frank C. Bogacz (RFC®), EA
(402) 551-3423
4715 S. 80th Street
Omaha, NE
Company
Bogacz Tax and Financial Services
Qualifications
Years of Experience: 22
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Long Term Care Insurance, Compensation Plans

Data Provided by:
Mr. Chris E. Nelson (RFC®), CFP
(308) 632-7587
1701 First Avenue
Scottsbluff, NE
Company
Valley Financial Planning
Qualifications
Education: University of Nebraska-LincolnThe Metropolitan State College of Denver, CO
Years of Experience: 16
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Long Term Care Insurance, Education Plan, Compensation Plans

Data Provided by:
Bottom Line Tax Professionals
(402) 727-7507
301 E 6th St
Fremont, NE

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Champion Account & Tax
(308) 436-1919
2020 20th St
Gering, NE

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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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