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Posts Tagged ‘Expenses’

Reduce Your Tax Bill by Deducting Medical and Dental Expenses

Many taxpayers find it beneficial to itemize their deductions on their federal tax return. One of the many deductions you can take are payments you made for medical and dental expenses. But a large number of taxpayers miss some expenses they could have claimed to lower their tax burden because they don’t know they can use it as a medical tax deduction.

What Medical Expenses Can I Claim?

Generally, you can deduct expenses for medical or dental care you paid for yourself, your spouse and any dependents. The most common expenses include:

  • Premiums paid for medical, dental or long-term care insurance
  • Insurance deductibles and co-payments
  • Fees paid to doctors, dentists, chiropractors, and mental health practitioners
  • Payments to hospitals, long-term care facilities and services, nursing services and lab fees
  • Cost of prescription drugs and insulin
  • Price of prescription eyeglasses or contacts, hearing aids and false teeth

Additionally, there are other expenses that many taxpayers don’t realize can be deducted from their taxes:

  • Payments for acupuncture treatments
  • Inpatient expenses at an alcohol or drug addiction treatment center
  • Costs for smoking-cessation programs
  • Participation in weight loss programs when they are related to a diagnosed disease, like hypertension or obesity
  • Fees for laser eye surgery, crutches, wheelchairs, and guide dogs for the deaf or blind
  • Transportation costs related to and necessary for qualified medical expenses

What Medical Expenses Are Not Deductible?

When itemizing your medical expenses, be extremely careful about what you deduct. Do not include any of the following expenses.

  • Amounts paid for nicotine gum or patches that do not require a prescription
  • Cost of purchasing diet food items or the cost of health club dues
  • Funeral or burial expenses
  • Over-the-counter medicines
  • Cosmetic surgeries
  • Premiums for life insurance, for policies providing for loss of wages because of illness or injury, or policies that pay you a guaranteed amount each week for a sickness (i.e. supplemental insurance)

How Do I Claim Medical Expenses?

To deduct your qualified medical expenses, first add up all the payments you made that were not reimbursed by any insurance policy. Be sure once you file your taxes, you keep these receipts and statements as proof of your expenses.

The Internal Revenue Service lets you deduct medical costs as long as they are more than 7.5 percent of your adjusted gross income (AGI). These costs will be reported on Form 1040, Schedule A. The easiest way to be sure your claiming the proper expenses and meeting the AGI requirement is to use an online tax preparation site. The site will ask you specific questions about your expenses and will calculate the amount of your deductions that meets the AGI minimum leaving less room for error or missed deductions. Making the most of your medical deductions will put you well on your way to lowering your tax bill.

Karin Velez PhotoAbout Author
File your taxes online quickly and easily at efiletaxreturns.com.

How to Save on Your Monthly Dental Expenses

Over the last few years, dental health along with several factors has become very important for individuals. In fact, in recent times many issues in relation to care of teeth and gums have gained more importance, but at the same time if we carefully look at the scenario, the cost involved in caring teeth and gums have become more expensive. Today the cost involved in dental treatment is much more in comparison to what it used to be few years back. No doubt, cost occupied in oral treatment is a necessary cost in order to maintain the good health, but yet there are few different ways that can help you save your expenses easily and effectively. Perhaps, if you could save even a small amount on oral treatment, in return it would still make much difference to your monthly budget as well. So if you are looking for options that can help you in saving your expenses and reduce your bills then here are few essential tips that may play great role:

Dental Plans that offer discounts: This could be the best option that can help you in saving almost 20% to 60% on most dental treatments. The key benefit of this plan is if you register for a discount dental plan, you will gain an easy access to a wide network of oral care experts. It doesn’t matter whether you choose individual dental insurance plan of a family dental plan, this wide network may further help you or your family in availing cosmetic or other types of treatments at discounted rates. This affordable dental plan is one of its own kinds of option where you may start saving your money almost immediately.

Dental Insurance: A dental insurance plan works very similar to any medical insurance, where the amount that will be compensated is decided based on the plan you have chosen and the premium you decide to give. These days, there are many packages such as individual coverage or family coverage that various companies offer. Choosing any of these insurance plans can help you saving substantial amount annually on dentist’s bills. Moreover, if your company or your employer offers oral care benefits, then this could be the best option as it provides various dental insurance benefits that you can enjoy as the employee of the company.

Free dental care options: This is yet another plan that can also help in saving your dental expenditure. However, the key point that you need to understand is it is slightly a misnomer. This is because even though they are labelled as a free dental care option, it still involves some small amount of money. But the sum is so minimum and practical that it generally seems to be free.

Today dental care is a very important for your overall health. Unfortunately, if we carefully look at the recent statistics published by private body many Americans still do not receive proper dental care due to inability to afford care. In fact, many Americans still avoid visiting a dentist due to high expenses. Thus, following the above mentioned tips can be the best alternative to save your expenses easily.

About Author
Get the most suited and affordable Arizona dental insurance plan by Arizona dentists at Southwest Dental group. The group offers comprehensive dental plans that provides affordable dental coverage for virtually all your individual and family dental needs.

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