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Can you please advice what medical expenses are deductible for Income Tax Purposes?
Wiki User
∙ 11y ago
You can submit you medicine and hospital bill.
Ranging up to 15,000 Rs.
Wiki User
∙ 11y ago
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How Much Medical Expenses are tax deductible?
Medical expenses are deductible up to the amount that they exceed 7.5% of your AGI. If you had an adjusted gross income of $100,000 and your unreimbursed medical expenses were $13,000 than your medical expenses deductible would be $5,500 (13,000 - (100,000 * 7.5%)).
Does medical expenses cover funeral expenses if a relative is killed on your property?
Funeral expenses are NOT deductible on an individual taxpayers income tax return.
Are glasses tax deductible?
Medical expenses are deductible to the extent that they exceed 7.5% of your adjusted gross income. The cost of prescription eyeglasses is a qualified medical expense.
Are long term care insurance premiums tax deductible?
Yes, it is. Long term care insurance premiums are tax deductible. Premium payments are considered to be medical expenses and they are deductible as long as the medical expenses exceed 7.5% of the individual's income.
Is funeral expenses tax deductible?
NO. Funeral expenses are NOT deductible on the individual 1040 income tax return.
Can you file funeral expenses on income taxes?
Funeral expenses are NOT deductible on an individual taxpayers income tax return.
Is rent expense deductible with the IRS?
No. Personal expenses are not deductible on your 1040 income tax return.
How do you claim room and board income on taxes?
No. Room, Board, and any personal expenses are not tax deductible on a tax return. The only expenses that are generally deductible are those involved directly with a business in the production of taxable income.
Are state income tax payments deductible on a corporate tax return?
Yes. State income (and net worth based) taxes are deductible from taxable income for Federal income tax purposes.
Will anyone pay reimbursement to family members for taking patient to dialysis treatments and other doctor appointments?
Medical expenses are sometimes deductible on us income tax.
Are prescription sunglasses tax deductible?
Yes, as part of your medical deductions on Schedule A of your return. Depending on your age, you will have to deduct 7.5% or 10% of your Adjusted Gross Income before medical expenses goes on your Schedule A.
Which of the following are income tax deductible items to a corporation Common stock dividends preffered stock dvidends retained earnings or Bond interest expenses?
Interest expenses are tax deductible.
