Many people suffer from high medical costs. The IRS allows taxpayers to deduct medical expenses as long as the total amount of medical expenses are more than 7.5 % of their total AGI (Adjusted Gross Income). Unfortunately, many taxpayers are probably unaware of IRS tax deductions for medical expenses. If a taxpayer adds the total of their family’s (which includes self, spouse, children, and any close relative) medical bills they can add up fairly quickly, totaling that 7.5%.
IRS tax deductions pertaining to medical deductions also include dental expenses as well. As unfortunate as the event is, funeral expenses paid out-of-pocket or medical bills paid out-of-pocket for a deceased family member during the past year can be claimed as tax deductions. Though it is tragic, try not to overlook these deductions because a loved or close member of the family has recently passed away; it helps the family with finances when the taxpayer owes less money through these approved tax deductions.
These are some other commonly over-looked medical deductibles that can be claimed on IRS tax deductions:
- Travel expenses can be deducted; the amount of mileage to and from medical appointments for 2010 is 16.5 cents.
- Uninsured medical equipment is also tax deductible. Such items may be diabetic supplies, glasses, hearing aids, or other medical approved deductibles, such as laser vision corrections.
- For those who are admitted into an alcohol or drug-related rehabilitation program, the incurred expenses towards being admitted and/or other rehabilitation related costs are also deductible.
- Health-conscious taxpayers who quit smoking and use smoking cessation aids or devices, or weight-loss related surgery (due to medical health problems certified by an approved physician) may also be approved for medical tax deductions.
Checking with www.irs.gov will give you the full information towards IRS tax deductions for medical expenses.