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Tax Deduction Consulting: Medicare Expenses Gorham ME

As private health insurance costs become to expensive for many people, Medicare is becoming more and more popular. In some situations, you can claim Medicare expense deductions. Read on for details.

Michael John DellOlio (RFC®), JD, MBA
(207) 294-0401
16 Middle Street
Saco, ME
Company
Michael J. DellOlio & Associates, L.L.C.
Qualifications
Education: B.S.,MBA,J.D.,NASD Series 6,7,24,63,65; Maine Insurance License
Years of Experience: 24
Membership
IARFC
Services
Invoice, Estate Planning, Business Planning, Portfolio Management, Trustee Service, Pension Planning, Retirement Planning, Tax Planning, Tax Returns, Employee Benefits, Stocks and Bonds, Mutual Funds, CD Banking, Annuities, Life Insurance, Disability Income Insurance, Long Term Care Insurance, Medical Insurance, BuySell, Compensation Plans

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Tax Deduction Consulting: Medicare Expenses

Medicare Expense Deductions

As private health insurance costs become to expensive for many people, Medicare grows in popularity. In some situations, you can claim Medicare expense deductions.

Medicare Expense Deductions

Filing taxes is not a thing that any American wants to do, but it is something that must be done each and every year. The key is to know what you can do to lower your taxes as much as possible. On that note, one important thing that everyone should know is that they can use their medical expenses as deductions on their taxes.

Medical expenses are any expenses, as classified by the IRS, that "are the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body." As is typical with the IRS, such a statement is a mouthful. In human terms, these expenses essential include everything from doctor visits to stays in the hospital. They also include dental expenses. Obviously, such expenses can add up quickly and significantly reduce your bill.

For better or worse, Medicare is an entirely different subject when it comes to deduction according to the IRS. If you have coverage under the Medicare B plan, you can claim Medicare expense deductions. If you have coverage under Medicare A, you cannot claim Medicare expense deductions with one exception. If you do not have social security benefits, you can claim expenses deductions incurred under Medicare A. Ah, don't you just love g...

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