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Tax Deduction Consulting: Medical Tax Deductions Hockessin DE

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.

Keith Al-Chokhachy, Certified Financial Planner(tm)
2751 Centerville Road
Wilmington, DE
Company
Title: Certified Financial Planner"
Company: Morgan Stanley Smith Barney
Years Experience
Years Experience: 8
Service
Captive Insurance,Life Settlements,Pension for Highly Compensated Owners,Stock Market Alternative,Wealth Management,Health Care Insurance,Retirement Planning,Real Estate Investment Planning,Commission-Only Financial Planning (Full Disclosure),Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Fee Only Portfolio Management,Wealth Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rol

Data Provided by:
Joan L. Sharp (RFC®), CFP, CHFC, MSFS
(302) 324-5363
42 Reads Way
New Castle, DE
Company
Life Strategies, LLC
Qualifications
Education: BAMSFS
Years of Experience: 8
Membership
IARFC, FPA, SFSP
Services
Invoice, Estate Planning, Retirement Planning, Tax Planning, Charitable Planning, Asset Protection, Compensation Plans

Data Provided by:
Brian K. Lureen (RFC®), CHFC, CLU
(610) 889-2066
5 Great Valley Pkwy Ste 334
Malvern, PA
Company
Heritage Advisory Services, Inc.
Qualifications
Education: BS
Years of Experience: 21
Membership
IARFC, FPA
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Executive Compensation Planning, Retirement Planning, Tax Planning, Tax Returns, Seminars Work, Employee Benefits, Stocks and Bonds, Mutual Funds, Mortgage Loans, CommOptions, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Charitable Planning, BuySell, Compensation Plans

Data Provided by:
Eller Michael Income Tax Service
(302) 652-5916
724 N Union St
Wilmington, DE
 
Globe Income Tax Service
(302) 998-2256
2116 Kirkwood Hwy
Wilmington, DE
 
Bill Curry
1521 Concord Pike
Wilmington, DE
Company
Company: Curry Poole Group, LLC
Type
Investment Advisor Rep: Yes
Registered Investor: Yes
Education
BS
MBA
JD
Years Experience
Years Experience: 42
Service
Pension for Highly Compensated Owners,Stock Market Alternative,Reverse Mortgage,Medicare Planning,Annuities,Alternative Asset Class Planning,Investment Consulting & Allocation Design,Insurance & Risk Management Planning,Retirement Income Distribution Planning,Education Funding & Financial Aid Planning,Hourly Financial Planning Engagements,Portfolio Engineering,Mortgage Refinancing,IRA, 401k, Roth IRA, QDRO Rollovers,CD Alternative,Alternative Investments,Life Insurance,Investment & Portfolio Man

Data Provided by:
Frank M. Levy (RFC®), CHFC, CLU
(302) 765-3500
205 Philadelphia Pike
Wilmington, DE
Company
Diversified Financial Consultants
Qualifications
Years of Experience: 34
Membership
IARFC, MDRT
Services
Invoice, Estate Planning, Business Planning, Pension Planning, Executive Compensation Planning, personal Coach, Retirement Planning, Tax Planning, Employee Benefits, Stocks and Bonds, Mutual Funds, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Group Insurance, Charitable Planning, Education Plan, Asset Protection, Compensation Plans

Data Provided by:
H&R Block
(302) 999-8100
2407 KIRKWOOD HWY
WILMINGTON, DE

Data Provided by:
Eller Tax Service
(302) 656-4787
2303 Lancaster Ave
Wilmington, DE
 
H&R Block
(302) 656-7212
106 S UNION ST
WILMINGTON, DE

Data Provided by:
Data Provided by:

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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