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Senior Member
Picture of Bunnys_grl
Posted
Here are some write offs to consider this year to those of us who care for LO's in your home (and in care facilities dont forget)

Many medical costs to consider

There is never anything good about being sick, but don't add to your ailments by overlooking medical costs that you can deduct.

Since total medical expenditures must be at least 7.5 percent of adjusted gross income, many taxpayers don't even bother with this one. But there are ways the Internal Revenue Service says you can get this deduction up to that ceiling.

* Count travel expenses to and from medical treatments. The IRS's Web site posts current mileage rates.
* If you made insurance payments from already-taxed income, add it in here. This includes the cost of long-term care insurance, up to certain limits based on your age.
* What about things your insurance didn't cover, but you needed anyway? This is where you can recoup some of their costs. This includes an extra pair of eyeglasses or set of contact lenses, false teeth, hearing aids and artificial limbs.
* The doctor told you to get that humidifier to help relieve your chronic breathing problems. That means the device -- and additional electricity costs to operate it -- could be at least partially deductible.
* The IRS also has deemed that costs for programs to help you kick the smoking habit are medically deductible, as are weight-loss programs undertaken at a physician's direction to treat an existing ailment such as heart disease.

Special medical needs

Do you have special needs? The medical-deductions section of your tax form is also where you account for the cost of a wheelchair, crutches and equipment that enables a deaf person to use the telephone or that provides television closed-captioning.

If you purchase a hearing or Seeing Eye guide dog, Fido's cost is deductible, too.

Even some home remodeling might be just the prescription for a tax break, as long as you follow your doctor's orders and the IRS's rules. If you need, for example, to add a chair lift to get up and down the stairs, this generally is considered a legitimate expense. Other deductible projects that make a house more accessible for a handicapped resident or individual with chronic medical problems are:

* Adding ramps
* Widening doors and hallways
* Lowering counters and cabinets
* Adjusting electrical outlets and fixtures
* Installing railings, support bars and other bathroom modifications
* Changing hardware on doors
* Grading exterior landscape to ease access to the house

A word of warning, however: Elevators generally aren't deductible. The IRS considers this a structural change that could increase the value of your house and therefore doesn't allow it as a medical deduction.


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Well, butter my butt and call me a biscuit.
 
Posts: 4667 | Registered: February 07, 2006Reply With QuoteEdit or Delete MessageReport This Post
Senior Member
Picture of BlueWaterBeach
Posted Hide Post
Thanks for this post BG,I am sure it will help many of us!!!!!!!!!
 
Posts: 941 | Registered: February 12, 2007Reply With QuoteEdit or Delete MessageReport This Post
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