Don’t forget to starting pulling together your medical receipts in preparation for tax time. Some stores, like Target, here in the United States, have started a separate category on their cash register receipts that states “healthcare”. Some credit cards also break down expenditures into different categories.
Remember that if you have a doctor’s prescription for something you might be able to take it as a medical deduction. The reason I qualify it as “might” is because some things just aren’t allowed. Vitamins are one example of something that you cannot take as a deduction.
Your medical deductions will go on Schedule A of your Federal Taxes and you will have them accumulated with your other itemized deductions. If they exceed your standard deduction you can use the itemized deductions.
Hope you are having a good, healthy holiday and are saving your receipts!
Kim Isaac Greenblatt
Make sure you save your medical receipts. Save ALL your receipts if you can.
Tags: Business, Federal Taxes