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Recouping your financial losses - When medical expenses become too much

January 28, 2019

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, making some of these expenses partly tax-deductible.

 

 

 

 

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.

 

https://turbotax.intuit.com/tax-tips/health-care/can-i-claim-medical-expenses-on-my-taxes/L1htkVqq9

 

https://www.healthymarks.com/

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