Tag Archives: Adjusted gross income

What Medical Expenses Are Tax Deductible?

If you determine that you spent over 10 percent of your adjusted gross income (If you are over 65, the amount is 7.5 percent) on medical expense in 2014, you can potentially claim these expenses as a tax deduction. If you are using TurboTax 2014 to file your taxes, the TurboTax software will help you to figure out your medical expenses as it can potentially be a significant amount.

Deductible medical expenses include those of any dependent, as well as those of you and your spouse.

Expenses for medical costs are not deductible if you get reimbursed for them in … Read the rest

Consumer Reports Releases 2013 Tax Tips

2013 Tax Tips

Consumer Reports is a trusted source in products and services.  They recently released their tips for 2013 taxes, which are about online and computer tax services.  These tips help consumers not get caught up into any questionable tax services and help them save money when filing their 2013 taxes.  Consumer Reports offers the following tips for 2013 taxes:

Consumer Reports

Consumer Reports (Photo credit: Wikipedia)

• Check what the online service has available.  Simple forms like the 1040, 1040EZ, and Schedule A for itemized deductions are provided by most online tax services.  However, if you need … Read the rest