Medical expenses can add up quickly. There always seems to be more of them and getting sick is something that you can’t always control. Many families feel like they are weighed down by the costs and that once they pay off one bill, another one is going to show right now. This can get overwhelming. Luckily, it is possible to get some relief from your medical expenses if you file the right ones claimed on your tax return.
The professionals at Tax Alternative Group are here to help you out with all your medical expense claiming needs. While the medical expenses deductions in unusual circumstances is not a deduction that every tax payer can claim, it could help you to save a lot of money if you qualify for it. Let’s take a look at this great tax deduction so you can get the most possible out of your tax return.
What is the Medical Expense Deduction?
This is a deduction that is meant to help out taxpayers who spent a lot of their income on medical visits or expenses. These can quickly add up for many taxpayers and make it difficult for them to pay their other bills. In some extreme circumstances, the individual will have to choose between paying for their mortgage or food or paying for a doctor visit that could save their life.
This medical expense deduction is meant to help the individual get the help that they need with their medical expenses. While you are not going to be able to claim everything that you purchase for medical uses under this deduction, if you have a lot of expenses, you will find that this deduction will save you a lot during tax time.
Our professionals at Tax Alternative Group are here to help you with claiming this deduction. We can look over your history and determine what qualifies, and how much, so you can put more money back in your pocket rather than giving up on the medical supplies you need.
Medical Expenses You Can Claim
The first medical expense that you will be able to claim include those that go above and beyond a certain amount of your income. To qualify, you have to make below a certain amount of money each year and the medical expenses need to present a financial hardship on you and your family. You cannot write off that $100 bill at the doctors’ office, but it is possible to claim larger bills that are making it hard for you to pay the other things that you owe. To find out if you qualify for this medical deduction, contact our professionals at Tax Alternative Group to help you out.
Outside of this, there are some individual medical expense deductions in unusual circumstances that you may qualify for. First, have you done any home improvements in your home that are medical related? This could include adding a pool in your home for therapy sessions, adding ramps and bars for someone who is disabled, or changing the siding on your home because the old siding had mold and made someone in the family sick. If any of these apply to your family, you may qualify for this medical expense deduction.
Purchasing medical equipment to improve your quality of life can also get expensive, but the Tax Alternative Group can help you to get some of this money back during tax season. Some of the circumstances that fit under this option include batteries for hearing aids, getting wigs for hair loss, a special mattress to help if you are having sleeping or back issues, getting body scans, and more.
If you are trying to grow your family or have a new child, some of these medical expenses, can be deducted during tax season. For example, some pregnancy tests can be claimed under this medical deduction if you are trying to have a child. In-vitro is usually covered a bit under the deduction to make it easier to start out on your new family. Breast pumps are often covered under the deduction as well.
Claiming the Medical Expense Deduction
While it may seem like there are a lot of things that you could deduct from this medical deduction, you do still need to be careful. It is not possible to claim everything that you purchased through the year and making too many claims under this or any other deduction could raise a red flag from the IRS. It is important to be careful about what you are claiming and make sure that it falls under the requirements for this particular deduction.
If you made some medical purchases this year, make sure to come and visit the professionals at Tax Alternative Group. We can take a look at your particular circumstances and help you determine if you are able to qualify for this deduction for the item you are trying to use. If you don’t qualify, we will help you to find some of the other credits and deductions you qualify for. If you do qualify for this deduction, we can get it all set up for you on your tax return.
If you believe you qualify for a medical expenses deduction in unusual circumstances, make sure to contact Patrick O’Hara at Tax Alternative Group, LLC in Poughkeepsie, NY. We can help you to get your tax return filed correctly so you can get all the credits and deductions you deserve and put more money in your pocket. When you are ready to get started on your tax return, make sure to contact our professionals today!
Patrick O'Hara, EA