The start of spring marks the beginning of the tax season, with millions of us around the United States spending hours filling in our annual return.
In most cases, it’s time well spent, with around $1.25 trillion dollars claimed back by U.S. citizens each year, according to data from the website TurboTax.
One area, however, that is often overlooked by many is deductible medical expenses. While it’s quite widely known that taxpayers who spend over 10% of their annual gross income on medical expenses can claim for rebates, many fail to do so due to the perceived complications of filling out such a return.
Unfortunately, this can often result in those most in need missing out on potentially thousands of dollars’ worth of rebates. So many items that are both medical and non-medical in nature are eligible to be claimed upon as long as they go towards your own care or the care of someone else. To give you some idea of the scope of items that can be claimed, we’ve created a short list below:
- Artificial limbs
- Hearing aids
- Acupuncture treatment
- Cost of transportation to get to a medical appointment
- Any renovations to make a property more senior friendly
- Many more
Making a mistake on your tax return can obviously have serious repercussions, so if you’re under any doubt about what to do on an itemized tax return, speak to your local certified public accountant. They’ll be able to take care of the return, without you having to lift a finger, and in most circumstances, they only charge a small percentage of what your actual return is worth.
Don’t Overpay if You Don’t Need to!
The U.S. Accountability Office estimates roughly 2.2 million citizens receive a smaller rebate than they’re due because of claiming under a standard deduction rate, rather than using itemized billing.
For example, choosing to do the latter could slash the average cost you have to pay for home care in Louisville substantially. If you’re not 100% clear on what you can and cannot claim, speak to a qualified tax professional.
Filling in a tax return is just part and parcel of working life, so we’d advise anyone to learn as much about the topic as possible. You can find books from your local library or online that will go over all the basics. From there, you’ll be able to decipher whether you’re receiving all the benefits that you and your family deserve.