Filing medical tax deductions on your federal tax return can provide substantial tax savings. Make sure you know what expenses qualify and how to file in order to get the tax deductions you deserve when you file your taxes.
Determine whether you qualify for medical tax deductions.
In order to get medical tax deductions, your medical expenses must be more than 7.5% of your adjusted gross income. You must complete your federal tax return to get your adjusted gross income, and then track your medical expenses to determine whether you have enough expenses to qualify. Consult IRS Publication 502 for a complete list of qualifying and non-qualifying expenses.
Keep complete records if you file for tax deductions.
For any tax deduction that you file, you must keep complete records in the event of an audit. Records for medical tax deductions should include the name and address of the provider, the amount you paid, the date and any applicable transportation or mileage. You'll need an invoice or statement corroborating this information. Keep these records on file in case you're ever audited and need to provide them to the IRS.
If you file it, they will pay.
The key to getting medical tax deductions on your federal tax return is to prepare the paperwork completely and correctly. IRS Publication 502 includes detailed rules to qualify for and file medical tax deductions, so make sure you understand the requirements when you file.
If you're not sure whether your expenses qualify or you aren't comfortable with the rules to file for the deductions, seek tax deduction help from a tax preparation professional. Companies like H&R Block can help make sure you get all the tax savings you deserve, and the peace of mind of knowing you've had a professional prepare your federal tax return.
Consider tax preparation software to file for medical tax deductions on your federal tax return.
If you don't want to spend money for professional tax preparation, consider tax prep software to help you prepare your federal tax return. Tax preparation software guides you through the process of inputting your information, asking you targeted questions to ensure you provide all the information you need.
However, tax software doesn't always explain the concepts you're using, so it's possible to provide incorrect or incomplete information and end up with an incorrect tax return. If you use tax software, you don't have the peace of mind of knowing that a professional reviewed your tax savings, and you may be liable for any misinformation on the paperwork.
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