Tax Deduction Question

[ajw4790]

Hi all!

As it is tax time again, I was remembering some comments others had made before about possible deductions for things that we tend to use due to our disability. One that I remember is being able to use air conditioning utility bills as a deduction, because we require it more frequently and a higher amount than people without dysautonomia.

What other things can be used as deductions when preparing one's taxes for those with a disability?

I hope this can help others as well.

Thanks!!!

[firewatcher]

I think we can deduct our out of pocket costs for medications and doctors visits.

[potsgirl]

My biggest deductions are always from medical bills. Make sure you keep all of your prescription receipts, add them up and that goes in one category of the itemized form (1040A Itemized). Then you can deduct what you've paid for medical insurance for the year, and then you can also deduct whatever out-of-pocket costs you had with medical visits, tests, etc. This year, even on disability, my medical expenses were so high I actually got a refund. Make sure you also deduct any specific item you need for your particular illness....wheelchair, physical therapy costs, taking a cab to medical appointments, etc.

Good luck and let us know how you do!

Cheers,

Jana

[Poohbear]

Check this link out

http://www.irs.gov/publications/p502/ar02....blink1000178902 and then look under "Capital Expenses"

I'm not sure you can deduct any portion of the utility bills but might be able to deduct a portion of the cost of the equipment for the year it was installed.

I would advise you to consult with a tax accountant or tax attorney re: if you can deducts a portion of the utility bills.

Hi all!

As it is tax time again, I was remembering some comments others had made before about possible deductions for things that we tend to use due to our disability. One that I remember is being able to use air conditioning utility bills as a deduction, because we require it more frequently and a higher amount than people without dysautonomia.

What other things can be used as deductions when preparing one's taxes for those with a disability?

I hope this can help others as well.

Thanks!!!

[Brye]

Medical expenses if you go over a certain percentage of income. This includes dental, insurance premiums for health insurance, equipment, copays,meds, mileage to and from appts! We went over the amount this past year and were able to deduct some for this!

Brye

[Detrick7]

I am a CPA (Certified Public Accountant) and used to do taxes for a living. You can deduct medical expenses only if they are over 7.5% of your AGI (Adjusted Gross Income). Basically this will be all your income; salary, interest income, dividend income, etc. etc. Take a look at your tax return from a previous year and your AGI will the number at the bottom of the first page (1040 Long Form).

Let's say you are over 7.5% of your AGI, it is still an itemized deduction so your total itemized deduction will need to be more than the standard deduction to get any benefit.

Only count the medial expenses you pay; do not include medical expenses paid/reimbursed by your insurnace. Also, if you have a Flex medical account or HSA (health savings account) you can't include those either since the money went into those accounts before it was taxed.

Hope that helps, if anyone has any questions don't be afraid to ask.

[Brye]

Flex spending account totals you can't include? We were well over the 7.5% but don't think we deducted the flex spending totals! Learn something new every day!!!

Thanks for sharing your CPA knowledge!! Always helpful!!

Brye

[Detrick7]

Sorry to be the bearer of bad news Think about it this way, you got the tax deduction when the money went into FSA medical account because it was not taxed. So, taking them as a medical expense on your taxes, would be "double dipping", getting the tax break twice, which the IRS does not allow.

Flex spending account totals you can't include? We were well over the 7.5% but don't think we deducted the flex spending totals! Learn something new every day!!!

Thanks for sharing your CPA knowledge!! Always helpful!!

Brye

[potsgirl]

Detrick,

Thanks for including the info about the 7.5%. I had forgotten to include that in my post. It's sure nice having an accountant around. Oh, and see what you can do about warming up the Ames area next week. We're coming for a visit!