Spare A Rose

Life for a Child

Monday, January 7, 2013

Time To Collect And Organize All Your 2012 Medical Expenses!!

Folks, it's that time of year again! Time to gather and tally all of your (and your dependents) medical expenses to give to your accountant for your 2012 taxes.

WHY? Because the IRS allows you to count medical expenses exceeding 7.5% of your adjusted gross income in your itemized tax deductions.
God knows we spend a hell of a lot on medical expenses so if there's even a slight chance you can deduct them - DO IT!
Deductions include: Insurance Co-Pays for all doctors/proceedures (including dental & eye) as well as other healthcare professionals including; physical therapists, CDEs, nutritionists, psychologists, chiropractors, etc.
And lets not forget insurance premiums, because you know those add up!
So call up all ALL your doctors and have them send your 2012 expenditure statement.
Same goes for your pharmacist (insulin, oral medications - including baby aspirin if your doctor wants you to take it daily, glucagon, symlin, just to name a few) and your durable medical equipment supplier ( test strips, pump supplies, insulin/ insulin pump./cgm, crutches, etc ) & they can print you and or mail you out 2012 statement listing your expenses.
Also, things like glucose tabs, juiceboxes, or whatever eelse you use to treat lows, pump/meter batteries, alcohol swabs, eye glasses, contact lenses,etc can all be deducted as a medical expense.
For more info on the subject, checkout the following links!
http://creditguide.hubpages.com/hub/Federal-Income-Tax-Medical-Expense-Deductions http://www.taxesindepth.com/medical-expenses-tax-deduction.html
And if you think of anything else to deduct in this post, please leave a comment and let us know what!

No comments: