2011 Taxes: Deducting Your medical Expenses

Are Health Insurance Premiums Tax Deductible - 2011 Taxes: Deducting Your medical Expenses

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Medical Expenses are one of the more difficult deductions for people to take when making ready their taxes. This deduction is small to the charge over 7 1/2 percent of your adjusted Gross Income. In other words, you have to have small to no assurance or be undoubtedly sick to be able to claim curative deductions. Because of this, people just assume that they don't qualify to take the deduction. However, often people aren't aware of all the expenses that can be deductable under curative expense, and consequently miss indispensable deductions and tax savings. Some of the most commonly missed deductions are eyeglasses, dental, curative miles, and lab tests. You would be amazed at how speedily these add up.

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Are Health Insurance Premiums Tax Deductible

Our office has had many experiences with clients where taking the time to add up curative expenses made a difference. For example, one of our clients consistently owed taxes every particular year. Each year we would try to convince them to add up these expenses, and each year they were confident that they couldn't maybe have spent enough. One year they once again owed money at tax time. We ultimately convinced them to try adding up their curative expenses. We gave them a list of all they could deduct and sent them on their way with assignments like getting the total estimate paid for prescriptions from the pharmacy.

A few days later they came back amazed at how much they had spent in curative throughout the year. In this particular case they saved about five hundred dollars in taxes just by taking some time to investigate what they had spent on their curative expenses.

The curative charge deduction is only one of the many overlooked tax deductions that people are missing out on. There are so many more deductions that you can take, more than you realize. We find that people just don't take time to learn about what they can deduct.

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