Did you have a tough year full of medical expenses? You may be able to recoup some of your losses this tax season.
The Internal Revenue Service allows taxpayers some relief with large medical bills
The IRS allows all taxpayers to deduct medical care expenses for the year that exceeds 10% of their adjusted gross income. Here’s a quick example. Let’s say you made $50,000 last year. You also had a surgery that cost you $8,000.
10% of $50,000 is $5,000.
Therefore, the $3,000 that exceeds your 10% is tax deductible.
Don’t forget to consider all your deductions this coming April.
Keaton Marks is the owner and CEO at HealthyMarks including the medicare team. Keaton was born and raised in Encinitas. He often rode his bike through town and to the local beaches like Moonlight. Keaton knows it is important to have a local resource, someone who understands the area, the hospitals and networks of doctors. Keaton is proud to be a local Medicare broker who is able to assist the people in his town when selecting medicare plans.
Keaton believes one thing above all else: “Medicare is confusing… but it doesn’t have to be! That is where HealthyMarks Medicare comes in” Please contact me with any questions.