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%)).
funeral expenses are not deductible on an individuals tax return as they are not medical expenses. However, if and individual has an estate, then the costs are deductible on their estate tax return (form 1041).
Child expenses that are tax deductible typically include childcare costs, medical expenses, and education expenses such as tuition and fees. Additionally, some tax credits may be available for expenses related to adoption or dependent care.
Only if you are in the business of selling or caring for pets. Your own pets' expenses are not deductible even if you are in the business.
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.
Therapy expenses can be tax deductible if they are considered necessary for medical treatment and exceed a certain percentage of your income. It's important to consult with a tax professional to determine if your therapy expenses qualify for a tax deduction.
Yes, travel expenses can be deductible for tax purposes if they are related to business, medical, moving, or charitable purposes and meet certain criteria set by the IRS.
NO. Funeral expenses are NOT deductible on the individual 1040 income tax return.
Life Alert is a communication system that allows you to contact emergency help if you experience the need for care when you are in your home. Life Alert is tax deductible under medical expenses when it is recommend by a physician.
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.
Funeral expenses are NOT deductible on an individual taxpayers income tax return.
Paying back relocation expenses is not tax deductible for individuals.
Yes, child care expenses can be tax deductible under certain conditions.