Make the most of your taxes
Diabetes Editor
Bellaonline
Diabetes Writer
ADI
Bellaonline
Diabetes Writer
ADI
Taxes! Most people cringe or get angry when they hear the
words. Yes April 17 will be here before you know; however
you can make taxes work for you. Here are a few simple tips
to increase your deductions and get a better bottom line,
whether a refund or what you owe.
If you itemize take advantage of the following:
1. Keep track of all medical expenses. Even your over
the counter medications. Medical expenses means
premiums, co-pays, telephone calls, tests and any and all out
of pocket expenses. Don’t forget mileage!! Most taxpayers
don’t keep track of mileage to and from the doctors, hospitals
and labs. It will add up quickly.
2. Did you know you can deduct your weight loss
program as a medical expense? Confer with your doctor and
see if you qualify. If you are clinically obese or have a Body
Mass Index over 30, you may claim a weight loss program as
an expense. It has to be ordered by your doctor to qualify.
However, not all expenses will be deducible; most reduced
calorie foods aren’t deducible.
words. Yes April 17 will be here before you know; however
you can make taxes work for you. Here are a few simple tips
to increase your deductions and get a better bottom line,
whether a refund or what you owe.
If you itemize take advantage of the following:
1. Keep track of all medical expenses. Even your over
the counter medications. Medical expenses means
premiums, co-pays, telephone calls, tests and any and all out
of pocket expenses. Don’t forget mileage!! Most taxpayers
don’t keep track of mileage to and from the doctors, hospitals
and labs. It will add up quickly.
2. Did you know you can deduct your weight loss
program as a medical expense? Confer with your doctor and
see if you qualify. If you are clinically obese or have a Body
Mass Index over 30, you may claim a weight loss program as
an expense. It has to be ordered by your doctor to qualify.
However, not all expenses will be deducible; most reduced
calorie foods aren’t deducible.
Cindy Kimura
3. What about those health club memberships? Check with your medical
program. Some HMO’s will pay for your health club membership. Check with your
coordinator to see if you qualify.
4. Improvements to your home for medical reasons are deducible. If you need to
install a wheelchair ramp, elevator or make other improvements these are deducible.
However, the only deduction is the difference between what it cost you and the
amount it improved your property value.
Just a reminder your medical expenses must exceed 7.5% of your adjusted gross
income before any expenses are allowed and deducted on a Schedule A. You must
be doing a long form in order to reap the benefits.
Think it’s too hard to keep track of expenses ? All you need is a shoe box and a few
letter sized envelopes. Just mark in Red each category and each time you have a
receipt place it in the envelope. At the end of the year add each receipt in the
envelope and you’re ready for taxes!!
Remember to just take the totals from each envelope and place in the appropriate
box in your tax forms. You will find your taxes a much easier chore.
program. Some HMO’s will pay for your health club membership. Check with your
coordinator to see if you qualify.
4. Improvements to your home for medical reasons are deducible. If you need to
install a wheelchair ramp, elevator or make other improvements these are deducible.
However, the only deduction is the difference between what it cost you and the
amount it improved your property value.
Just a reminder your medical expenses must exceed 7.5% of your adjusted gross
income before any expenses are allowed and deducted on a Schedule A. You must
be doing a long form in order to reap the benefits.
Think it’s too hard to keep track of expenses ? All you need is a shoe box and a few
letter sized envelopes. Just mark in Red each category and each time you have a
receipt place it in the envelope. At the end of the year add each receipt in the
envelope and you’re ready for taxes!!
Remember to just take the totals from each envelope and place in the appropriate
box in your tax forms. You will find your taxes a much easier chore.
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