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 some way; for example, your company pays you back for the cost of medical treatment. If your insurance company covers some of the cost and you cover some, the part that you pay is deductible.

If you charged your medical expenses to your credit card, you can deduct those charges, but keep in mind that the year in which you charged them is the criteria.

Using TurboTax will help you to accurately determine the type of medical expenses that qualify for a deduction, and these include doctor and dentist visits, as well as X-rays and other preventative treatments or procedures. Procedures such as teeth whitening, and most types of cosmetic surgery do not qualify for a deduction, unless an accident or disease necessitated the cosmetic surgery.

Prescription drugs and insulin are eligible for medical expenses deductions, as are the costs of visits to a psychiatrist or psychologist, alcohol or drug related treatment or rehabilitation, and the cost of sending a disabled person to a special school. Over the counter supplies and equipment are deductible, but not over the counter drugs and medication.

There are various other deductible medical expenses, and TurboTax 2014 will alert you to these, which include the cost of laser surgery, contact lenses, dentures, crutches and a wheelchair. Lactation expenses, participating in a stop smoking program, treating sexual dysfunction, removing lead paint and the cost of a nursing home are all eligible too.

If you are enrolled voluntarily in Medicare A, the amount paid out of pocket by you is eligible, as well as premiums for Medicare B. TurboTax will inform you that the premiums for an insurance plan sponsored by your employer are not deductible, although the premiums for long term care insurance are eligible.

TurboTax will help you to understand all of these possible deductions – you don’t have to be an expert when using TurboTax 2014!

Consider Investing In H&R Block – Soon!

In the past, many people have filed their taxes for free with H&R Block. January through April is H&R Block’s make-or-break season due to tax filings. The company brings in enough revenue in the early spring to cover any losses over the rest of the year. 2014 stands out as a year of smart, positive changes at H&R Block.

H&R Block

This year, the company has decided to downsize its unprofitable retail operations and cut down on free tax form preparation. As a result of these changes, there was a slight drop in tax returns prepared in H&R Block offices this tax season. Industry analysts polled by FactSet predict earnings per share of $3.26, quite an increase from $2.42 a year ago. This increase can be attributed to the aforementioned strategic changes at the company.

There are other changes happening within H&R Block in 2014. In April, the company signed a deal to sell its bank. This deal has been in the works for quite some time, and the stock market rejoiced upon the news. This is not to say that the bank is a drag on earnings. Selling the bank frees management from the burden of regulatory oversight on banks, and it gives people the option to buy back even more shares.

Another recent development at H&R Block is their plan to increase revenue as a result of the Affordable Care Act. As the law is implemented, health insurance and taxes are becoming more and more intertwined. Difficulties with connecting consumers to insurers presents an opening for H&R Block to expand its business model beyond tax preparation and financial services.

Despite the good news on the bank sale and health insurance opportunity, the company’s stock is still priced to sell. Get it below cost, before the stock price catches up to these recent improvements.

Social Security Disability Funds

Car crash
Car crash (Photo credits: www.myparkingsign.com)

Social Security Disability Funds

Potential clients searching for an Iowa workers compensation lawyer may need the service attorney James P. Hoffman has to offer. Mr. Hoffman, who is endorsed by the American Trial Lawyers Association, offers workers compensation assistance for clients, and also helps to win personal injury and Social Security Disability funds for those with a substantial case. Attorney Hoffman has a positive track record of winning cases for clients who have been injured on the job and need restitution for financial, mental and physical damage.

James P. Hoffman has practiced law in the state of Iowa for years, and also has experience with automobile and motorcycle accident courses. Some lawyers who are in need of worker’s compensation have even chosen Mr. Hoffman to be their legal representation. Those who need legal assistance after a medical injury or lengthy hospital stay can also contact the law office to receive appropriate assistance. Attorney Hoffman provides free initial consultations for clients so that individuals can decide if they want to be represented by Mr. Hoffman.

Dedication and a strong work ethic are needed for the client to have a good chance of winning the case. These characteristics are also necessary for people to feel comfortable trusting their case to a qualified lawyer who is committed to truly working for the client.

Having adequate legal representation after an accident or an injury at work can help protect a person’s finances and overall peace of mind. Sustaining an accident or being denied Social Security benefits can be especially difficult for many people and households, and trying to fight these injustices without the help of a lawyer can prove to be very daunting and virtually impossible for some. It’s best to contact a lawyer as soon as an incident takes place, so that clients can take advantage of attorney assistance as often as necessary throughout the entire legal process.

Individuals who are interested in the services and expertise that attorney James P. Hoffman has to offer can reach the law offices by phone, email or fax. Clients can also send their inquiries to the law office via postal mail.