First of all, thanks to those who suggested topics! One person wanted to know why she needs to save medical receipts (or other documentation). Health insurance claim requirements aside, unreimbursed medical expenses are sometimes deductible so if you think you may meet the requirements, you should save your medical receipts for tax time. However, it is becoming increasingly difficult to deduct medical costs. Beginning in 2013, the floor for medical deductions increased from 7.5% to 10% of income for those under 65 years old. (It's still 7.5% for those over 65.) What the "floor" means is that your medical expenses have to be at least that much to even begin putting them in your itemized deductions. So if you make $50,000, only your medical expenses above $5,000 are deductible. Also, keep in mind that even those expenses above the floor are only part of your other itemized deductions. Everyone gets to choose between the standard deduction and itemized deductio
Showing posts from July, 2014
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Well, it's summer again. It got started late this year :) I want to start blogging again but am having some trouble thinking of appropriate topics. Any suggestions? Any problems you are dealing with that an accountant might be able to help you with or something in the news regarding taxes that you don't understand? Let me know, I'd be happy to try to address some of those things in my next post!