Question from a reader:”Any new medical deductions for Swine Flu? Also how come the tax breaks for taking care of special needs people are few and far between? Love your blog.”
My answer starts off with thanks for reading. The medical deductions as of now are the same as they were for other tax related medical deductions. You can deduct doctor copays, dental copays, out-of-pocket medical premiums if they are post tax premiums, xrays, medicine,etc – as long as you weren’t getting any tax break for them or you get reimbursed for the services or products.
Remember that vitamins don’t count when you are trying to list your medical deductions. Having to load up on medical supplies though like lots of gauze or health masks can count. Save all your receipts no matter what you do for at least 7 years to play it safe. Put the receipts somewhere safe, dry and so you can get to them.
Depending on how nuts things get, Congress may throw in some other breaks at tax time but the chances are that they won’t and any things that they do add will be on later on, after the fact.
As for the special needs question, please write to your Congress representatives, the President of the United States and scream. It is a shame that people who can’t take care of themselves are getting punished the most, especially in the financial Depression that we are in now.
A lot of states had some great benefits and have phased them out. Other states have some programs that offer some help and relief. There are some local programs that are getting hit hard, like the California Regional Centers, and I urge all my readers to please campaign and lobby to keep the programs alive and kicking.
Be healthy, get wealthy and try to be sane and happy.
May 07 2009
If you are looking for a day job, part time work, suggestions for saving money or investing, please check out my book, Practical Money Making, that is listed right after his paragraph in this very post. There are some great suggestions and ways to survive the Depression we are in.
Interested in any of my books? You may want to make a stop over here. Please click through to purchase my books and some other interesting items that actually ARE on sale.
Have you read my book, “Bad Tax Idea, Good Tax Idea“? Please order it today. The tips inside can save you hundreds if not thousands of dollars! Tax planning should be done year round and not just two weeks into January or later.
Part of all the proceeds from the sales of that book go to Rett Syndrome research. One girl is born with Rett Syndrome worldwide every fifteen minutes. My daughter Arianna has Rett Syndrome and we are working to do all we can to make her life easier and find a cure in her lifetime. Boys born with the Rett gene generally die at birth.
Kim Isaac Greenblatt
Medical Deductions For Swine Flu