Claiming Medical Costs: What You Need to Know
As explained by Bankrate in their article “Medical expense deduction: How to claim medical costs on your taxes”, taxpayers may be eligible to deduct certain medical expenses from their federal income taxes. To qualify, your out-of-pocket medical costs must exceed 7.5% of your adjusted gross income. Eligible expenses may include doctor visits, hospital stays, prescription medications, and even transportation costs related to medical care.
Because tax rules can be complex, careful documentation is key to claiming deductions. Keeping receipts and medical records helps ensure eligibility and avoids issues during filing.
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Article with all rights reserved, courtesy of Bankrate — https://www.bankrate.com/