Home » Blog » Income Tax Preparation Miami Medical and Dental Expenses
tax planning, tax return, tax preparer, audit , tax return preparation, tax services, tax return, irs audit, preparing tax returns, tax preparation, cpa, certified public accountants, certified public accountant, accountancy service, ahca, contador, ahca consulting, tax , accounting, accountants, accountant, accountants in miami

Income Tax Preparation Miami Medical and Dental Expenses

Income Tax Preparation Miami Eight Things to Know about Medical and Dental Expenses and Your Taxes.

If you, your spouse, or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you do your Income Tax Preparation. Here are eight things Tax Preparation Miami wants you to know about medical and dental expenses and other benefits.

1. You must itemize. Tax Preparation Miami wants you to know you can deduct qualifying medical and dental expenses if you itemize on Form 1040, Schedule A.

2. Deduction is limited. Tax Preparation Miami reminds you that you can deduct total medical care expenses that exceed 7.5 percent of your adjusted gross income for the year. You figure this on Form 1040, Schedule A.

3. Expenses must have been paid in 2012 You can include the medical and dental expenses you paid during the year, regardless of when the services were provided. You’ll need to have good receipts or records to substantiate your expenses, according to Tax Preparation Miami Accountants in Miami

4. You can’t deduct reimbursed expenses. Tax Preparation Miami reminds you that your total medical expenses for the year must be reduced by any reimbursement. Normally, it makes no difference if you receive the reimbursement or if it is paid directly to the doctor or hospital.

5. Whose expenses qualify.  Income Tax Preparation Miami CPA’s warn that you may include qualified medical expenses you pay for yourself, your spouse, and your dependents. Some exceptions and special rules apply to divorced or separated parents, taxpayers with a multiple support agreement, or those with a qualifying relative who is not your child.

6. Types of expenses that qualify. Tax Preparation Miami state that you can deduct expenses primarily paid for the diagnosis, cure, mitigation, treatment or prevention of disease, or treatment affecting any structure or function of the body. For drugs, you can only deduct prescription medication and insulin. You can also include premiums for medical, dental, and some long-term care insurance in your expenses. Starting in 2011, you can also include lactation supplies.

7. Transportation costs may qualify.  Tax Preparation Miami reminds you that you may deduct transportation costs primarily for and essential to medical care that qualifies as medical expenses. You can deduct the actual fare for a taxi, bus, train, plane, or ambulance as well as tolls and parking fees. If you use your car for medical transportation, you can deduct actual out-of-pocket expenses such as gas and oil, or you can deduct the standard mileage rate for medical expenses, which is 19 cents per mile for 2011.

8. Tax-favored saving for medical expenses Distributions from Health Savings Accounts and withdrawals from Flexible Spending Arrangements may be tax-free if used to pay qualified medical expenses including prescription medication and insulin.

 

work opportunity tax credit, cpa, certified public accountants, certified public accountant, accountancy service, ahca, contador, ahca consulting, tax , accounting, accountants, accountant, accountants in miami

Work Opportunity Tax Credit

Work Opportunity Tax Credit is a tax credit to employers when they hire individuals in Target Groups like Veterans, Ex-Felons, Summer Youth Programs.

Read More »
The IRS Audit Process, IRS Audit, cpa, certified public accountants, certified public accountant, accountancy service, ahca, contador, ahca consulting, tax , accounting, accountants, accountant, accountants in miami

The IRS Audit Process

The IRS Audit Process is managed either by mail or through an in-person interview to review your records. The interview may be at an IRS office

Read More »
Scroll to Top