What medical expenses can be deducted from your taxes?

What medical expenses can be deducted from your taxes?

http://ift.tt/1TUcrWR A lot of people don't know that you can deduct some medical expenses on your taxes! It's important to understand all of the rules the IRS has about who can claim these deductions, and what are considered allowable expenses. The IRS allows you to deduct qualified medical and dental expenses if they exceed 10% of your adjusted gross income (AGI) for the tax year. Right now if you or your spouse is 65 or older, the threshold is 7.5% of your AGI, but that is scheduled to increase to 10% in 2017. You can add together expenses for yourself, your spouse, and your dependents. This actually includes not only your children, but "qualifying relatives" such as siblings and parents. In the video, we also discuss what is a "qualified" medical expense, along with the single most important thing to do if you are going to take advantage of this tax deduction. If you need assistance with any tax prep, planning, or resolution, contact us. We're here to help. IRSMedic, the law offices of Parent & Parent, LLP 888-727-8796 info@irsmedic.com IRSMedic.com is the website for Parent & Parent LLP, a tax law firm of IRS resolution attorneys, Certified Public Accountants, and Enrolled Agents who want to be the team that permanently resolves your tax problem where others have failed. We have developed a proven system of solving any tax problem in the least amount of time, for the smallest amount of headache. We serve US taxpayers worldwide for IRS, US Tax Court and state revenue agency issues. http://ift.tt/1jKT9Ip http://youtu.be/TWyoWCfE5pU IRS Medic