Using Medical Tax Deduction Benefits To Your Advantage

Not many tax payers are completely conscious of the different categories under which tax deduction is available for medical expenses. People who do have knowledge of these categories are more able to make good use of it to cover most of their medical bills. They also know that they can take away medical costs as long as it exceeds 7.5 percent of their adjusted gross income. All the others will be able to make use of this benefit by following the guidelines below:

1. The first requirement is to attain the 7.5 per cent figure. To achieve this, you should take into account the medical expenses for every person listed on your tax return: your spouse, your children and all other dependents. You can even take account of the medical and dental bills of a family member who might have died during the course of the past tax year.

2. Don’t forget to include the expenses such as transportation from your residence to the place where you will be treated. You can calculate your expenses by using the cents-per-mile allowance provided on the IRS website. Your expenses are not limited to that though, there are many more such as long term care insurance (based on your age), uninsured treatments such as an extra pair of eyeglasses or pair of contact lenses, false teeth, hearing aids and prosthetic limbs, even some program’s for weight loss have been added to the expenses list.

3. Other tax deductible items are for people with special medical needs such as the use of crutches or wheelchairs for example. Also, if you alter your house — on doctor’s request of course – in order to add a ramp or widen the doors, these costs also can be deductible in part.

4. Other deductions: don’t disregard all the miscellaneous deductions. They include: expenses made on eye surgery, acupuncture, legal abortion, drug rehabilitation, prescription drugs and insulin, nursing home and nursing services, ambulance service, hospital expenses, laboratory expenses, health insurance premiums, dependent fees paid to doctors, surgeons, specialists, dentists, psychologists, and other medical practitioners. When you add all these up, any figure you find which is beyond the 7.5 per cent mark is deductible from tax.

The down side is that there certain medical costs cannot be deducted. For example: cosmetic surgery, dancing lessons gymnasium payments or costs for a weight loss program, hair transplants and electrolysis operations, bottled water-still or sparkling, diaper service, teeth whitening and maternity clothes.


Elliott Dawson is a contributing editor at This article may be reproduced provided that its complete content, links and author byline are kept intact and unchanged. No additional links permitted. Hyperlinks and/or URLs must remain both human clickable and search engine spiderable.


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Young Couples: How to Avoid any Bankruptcy Possibilities

Nobody ever gets married these days thinking they will eventually get a divorce. And, no one ever goes into a partnership expecting to go bankrupt at some point. Also, no one ever plans on ever having the need to file for bankruptcy. Nevertheless, an increasing amount of people were certainly filing bankruptcy in record numbers until the laws for filing bankruptcy were altered in 2005. The reason why so many people have filed for bankruptcy in the past has really been due to the fact that many people didn’t know how to manage money independently. So, when they faced marriage and joining their assets together as a couple, they found that it was even more difficult to manage themselves financially.

Quite often, if young couples were just given some tips to follow in order to help them to get started out on the right financial foot, then the idea of bankruptcy could be avoided altogether. Below are a few tips young couples should read and consider:

• Did you ever bank separately before you decided to get married? Of course you did! That is why you should always continue to do so, regardless of what any book tells you to do. The reasons why couples have a difficult time balancing their checkbooks is due to the fact that they have no idea what the other person is doing with their money. So, always try to keep it simple and separate!

• Never charge anything in your financial habits. If you have credit cards, then pay off the balances and forget about charging over your limit.

• Don’t forget, cash is the master so try to buy only what you can pay for straight away with the exception of your home purchase.

• Try to buy a used car until you can afford, and really afford a brand new car.

• Try to invest in every retirement plan that you can—you might need it one day.

• The moment you decide to have a child, you should start to try saving for their college education and later life.

• Consider UPromise and many other college saving ideas which are available today. Try to go online and find out the best way to save for your child’s college.

• Never ask your parents for a loan. It will cause too many problems in families and even after you pay them back, you will still owe them. Also, the siblings could become jealous. Be wise and try not to borrow from relatives unless you must.

• If you want something really desperately, try to get a second job for a while in order to pay for it. There is indeed nothing like the gratification of earning your own money for the things you might want and need. Even if it takes you two or three jobs to get there!

There is no reason for anyone to ever need to file bankruptcy if each person within the couple unit works together and sets some ground rules down about budgeting. Try to learn to work together in a financial manner so the finances never drive you apart as a couple.


J. B. Smith is a contributing editor at This article may be reproduced provided that its complete content, links and author byline are kept intact and unchanged. No additional links permitted. Hyperlinks and/or URLs must remain both human clickable and search engine spiderable.