Getting Ready for Tax Season

During the year keep a running tab on how much you have spent on all medical costs including prescriptions, doctor visits, dental visits, co-pays etc. I also keep my statements and receipts together with this list in a folder. At the end of the year, you already have a total without any additional work. Now you can add it to other items you can claim as a deduction (property taxes, work related expenses, etc) to see if it is better to itemize- or to take the standard deduction.


Source: My own tried and true idea that I have been doing for many years

By Pat from Roseville, MI


February 9, 20090 found this helpful

To actually get a deduction for medical expenses, they have to exceed 7% of your annual income. So, if you are getting close but not quite there, it may be time to buy some new glasses or make an appointment you've been puttin off. If you're not near 7% by the end of the year, you may want to do those things after the first. Of cours, you do have to consider whether you've met your insurance deductable.

ReplyWas this helpful?Helpful? Yes

Add your voice! Click below to comment. ThriftyFun is powered by your wisdom!

Budget & Finance Tax TipsFebruary 6, 2009
Photo of a yellow rubber glove.
Making Your Own Clorox Ready Mop Pads
Gifted Money
Paying Taxes on Gifted Money
Bill folder for medical expenses.
Tracking Medical Expenses
Paying Taxes
Paying Taxes
Halloween Ideas!
Ask a Question
Share a Post
You are viewing the desktop version of this page: View Mobile Site
© 1997-2016 by Cumuli, Inc. All Rights Reserved. Published by . Page generated on October 25, 2016 at 6:04:04 PM on in 2 seconds. Use of this web site constitutes acceptance of ThriftyFun's Disclaimer and Privacy Policy. If you have any problems or suggestions feel free to Contact Us.
Loading Something Awesome!