Remember that if you have enough Medical Expenses it might be worth mentioning them on your Federal Tax returns.
Last year was a bigger year for medical expenses for me because of the following:
- One of my daughters ruptured her ACL, and there was a fair amount of expenses there, including a brace and physio therapy.
- I needed physio therapy for my knee, due to me getting old
- My other daughter also had physio
- Some visits to Psychologist for testing for my kids
- Occupational Therapy for another kid
Now a great deal of this was covered under my health plan, but only up to 80% of the expense, and there was a limit to how much was paid for the year.
All of this adds up to over $7000 in expenses, but I must also then put in how much compensation I received from my Health insurance as well. It may add up to nothing, but it is something to think about.
How was I able to know this? I checked on my Quicken
It is a good idea to file tax returns for medical expenses. For that, it requires to make investment in small business health plan. With the health insurance, we can save upto 80% of medical expense incurred on some unfortunate mishappenings occurred in future. It is also very helpful for those who have recurring medical expense, in saving their income in paying tax upto significant level.pretaxhealth.com