Deductible Medical Expenses
March marks the beginning of tax season, the time of year when accountants work overtime and the rest of us stare blankly at our return, wondering what boxes to tick.
Each year, around $1.25 trillion dollars’ worth of rebates are claimed by U.S. residents, with the average rebate estimated to be over $3,000, according to data from the website TurboTax.
Claiming for medical expenses is open to every resident that spends over 10% of their gross annual income on items that help with their own care or the care of others.
Unfortunately, many are put off the idea of filling in an itemized return due to the time it is perceived to take and the greater possibility of making an error. This can lead to residents that need financial support the most missing out on a rebate on a range of items, such as:
- Artificial limbs
- Hearing aids
- Acupuncture treatment
- Cost of transportation to get to a medical appointment
- Any renovations to make a property more senior friendly
- Many more
If the idea of completing an itemized tax return sends a shiver down your spine, don’t worry. There are plenty of certified public accountants available that would be willing to help you. What’s best is that many only charge a certain percentage of the size of the rebate, so in effect, you don’t have to pay anything for their services.
Don’t Overpay if You Don’t Need to!
Every year, around 2.2 million citizens receive a smaller rebate than what they would have been due if they carried out an itemized tax return, according to figures from the U.S. Government Accountability Office.
Many fail to realize the cost of home care in Greensboro NC is one of the things that can be reduced as part of the rebate. If you’re unclear on just what you can claim, it’s best to speak to a qualified tax professional.
Completing our tax returns is something we are likely to have to do for the rest of our lives, so it makes sense to spend a bit of time reading up on some of the basics of the U.S. system. Of course, you’re not likely to learn the ins and outs of every last detail, but if you can find the information that relates to you and your family, you could end up saving yourself huge amounts of money when spread over a lifetime of work.