It’s tax season and if you incurred medical expenses then you need to check out my recent blog for the MSAA: Commonly Missed Medical Expenses for Tax Deductions:
The change of the season can only mean one thing: taxes! I can’t turn on my TV or radio right now without hearing an advertisement for tax preparation. Whether you prepare your own taxes or use a tax preparation service, one of the most overlooked areas for tax deductions are medical expenses. In this blog, I will provide a list of deductions that you may have overlooked in previous years.
As a person living with multiple sclerosis, your out-of-pocket medical expenses can be extremely high in any given year. You probably know that your out-of-pocket medical expenses are deductible, but do you know what is considered a medical expense? For example, did you know that the mileage for all the trips you made back and forth to the neurologist, MRI scan or other doctor appointments are tax deductible? If you did not record the mileage during the appointments, don’t worry. Your explanation of benefits from your insurance company will list of all the appointments that you would have traveled for. You can then calculate the mileage to and from your appointment online at Google or Mapquest, and then add up total mileage for all of your doctor visits and you’ll get your deduction amount.
This is just one example of many tax deductions that people living with MS miss every year. Other items that you can write off as a tax deduction include items that insurance may not cover, such as acupuncture and chiropractic care; medical equipment; medications; and smoking cessation programs. There are also health expenses that may not be deducted. Health Savings Accounts (HSA), Flexible Spending Accounts (FSA) and Medical Savings Accounts (MSA) are all bought with pretax dollars, so your contributions cannot be tax deductible. Also non-prescription medications, medications from other countries and nutritional supplements cannot be deducted…
Click here to read the rest of the blog: http://blog.mymsaa.org/commonly-missed-medical-expenses-tax-deductions/