Deductible Medical Expenses
The clock is well and truly ticking on this year’s tax deadline, with some $2.2 trillion dollars expected to be claimed back by U.S. taxpayers between now and April 15, according to data from the website TurboTax.
Despite the potential for huge savings, one area that many citizens overlook year after the year is deductible medical expenses. The scheme, which was set up to help those struggling to pay the costs of their own care or for the care of a loved one, is open to anyone who spends more than 10% of their gross annual income on medical related costs.
Once a person starts spending over that figure, they may be able to claim a rebate on the sales tax on certain items related to care.
In South Carolina, sales tax currently stands between six and seven percent. All that means is that, if a person that was eligible to claim for medical expenses bought a $100 pair of reading glasses, they would be able to claim up to $7 on their tax return for that item.
Learning what items are on the list of ‘medical expenses’ can be a time-consuming process, so to give you a general idea, we have created a list of some of the most commonly claimed items:
- 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 you would like to find out more about which items are eligible, it’s best to speak to a local certified public account or to visit the Internal Revenue Service’s website. The former will also be able to advise you as to how much you could be due if you were to complete an itemized tax return this year.
Don’t Overpay if You Don’t Need to!
Many U.S. citizens fail to realize the cost of in-home care in Rock Hill is one of the many things that can be claimed against under the scheme. That means, over the course of a few years, you could save thousands on your own care or the care of a loved one.
To make sure you’re receiving the tax breaks you deserve, it’s best to spend a little of your spare time getting to grips with the basics of the U.S. tax system.
If at any point you feel like your return is getting on top of you, speak to an accountant. Many only charge a small percentage of the amount of any rebate you’re due, so in effect, you could be receiving expert advice for free.