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Is there a group for Tax advice?

 
MiraclesDHappen

Asked by MiraclesDHappen at 3:43 PM on Aug. 26, 2010 in About CafeMom

Level 9 (291 Credits)
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Answers (6)
  • This is what I could find............ The expenses that are deductible and the amount that you can deduct depend mainly on which of the following three categories you fall into: Employed, Unemployed or Self-Employed.

    Medical Expenses for the Employed
    If you are employed: Then you qualify for the smallest tax break, but one that can still be important if you have high medical bills.

    Medical expenses that are out-of-pocket and exceed 7.5 percent of your adjusted gross income are deductible. According to USA Today, this may include: Deductibles and co-payments, Prescription drugs not covered by insurance,Travel costs

    me again...So, to get an idea of what might be deductible multiply your gross income by 7.5% and any medical expense over that amount MIGHT be deductible. It would either be deducted from your income on the 1040 OR from the taxes you owe. That answer would be in the 1040 directions. cont
    elizabr

    Answer by elizabr at 8:36 AM on Aug. 27, 2010

  • IDK, but if you have a specific question maybe some of us could help. Also, maybe the IRS website has a help section.
    elizabr

    Answer by elizabr at 5:08 PM on Aug. 26, 2010

  • i think it is
    mekarevell

    Answer by mekarevell at 6:28 PM on Aug. 26, 2010

  • k so I am wondering about medical expenses, I plan on having a proceedure done next fall that will cost roughly 15,000 dollars. I read that if the expense is over 7.5% of your annual income that every additional dollar is deducted/able? anyway I have no clue what that means exactly.
    MiraclesDHappen

    Comment by MiraclesDHappen (original poster) at 5:02 AM on Aug. 27, 2010

  • I am going to look into this and will get bak to you. might take awhile though. No guarantees I can find the answer.
    elizabr

    Answer by elizabr at 8:17 AM on Aug. 27, 2010

  • cont........the 1040 instructions should be online at the IRS website or by Googling it.

    I sent the info for someone who is employed assuming that was the group you fall into. The article also said that there are many variables like if you both have insurance, if the law changes, etc.

    Hope this was helpful. If you know an accountant he/she might be able to tell you more. But the 1040 instructions would have the most information.

    If you want to talk to me further please message me as I do not look at my question answers that often. Good luck!!
    elizabr

    Answer by elizabr at 8:44 AM on Aug. 27, 2010