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Won't allow you to deduct medical costs until they exceed
7.5 percent of your income. Here are some often overlooked
medical costs that can help you clear that hurdle. Management.
College Finance Taxes Personal Finance. Medical costs
seem to go up every year. Medical costs seem to go up
every year. There is a way to get your Uncle Sam to foot
some of the doctor bills, but you need to make sure you
know and follow the rules. The Internal Revenue Service
lets you deduct medical costs as long as they are more
than 7.5 percent of your adjusted gross income. This percentage
may seem unattainable upon first glance, but with a little
tax triage you might just meet it.
Don't overlook the medical expenses of everyone listed
on your tax return. Medical and dental bills for you,
your spouse and your dependents count toward reaching
the allowable deduction limit. Overlooked medical costs.
Once you're confident you know just whose costs are covered,
make sure you don't miss one. Some allowable, but often
overlooked, medical deductions include
www.bankrate.com/brm/itax/tips/20010323a.asp
Column on personal finance prepared by the Virginia Society
of Certified Public Accountants. HELP FOR HIGH MEDICAL
COSTS used to pay for qualified medical expenses. “HSA”
is the newest acronym in health insurance savings. The
Health Savings Account, created by the 2003 Medicare Act,
is a tax-favored savings plan that can be used to pay
for qualified medical expenses. In this column, the Virginia
Society of CPAs answers frequently asked questions about
HSAs.
Who is eligible to open an HSA?
Effective January 1, 2004, any one who is covered by a
high-deductible health insurance policy and is not eligible
for Medicare can open an HSA. Additionally, to qualify,
you cannot be claimed as a dependent by another person.
A high-deductible plan is defined as one with an annual
deductible of at least $1,000 for individual coverage
and at least $2,000 for family coverage. The HSA coverage
must be your only health insurance.
www.lifetimefinancialplanning.net/Advice040407.htm
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