deductible medical expenses

• Medical expense deduction

• When do capital expenditures qualify as deductible medical expenses?

With steadily rising standard deductions, as well as increases in personal incomes that limit the possibility of exceeding the 7.5%-of-adjusted-gross-...

• The Tax Adviser
• Vol. 33 Nbr. 2, February 2002

• Briefly

Breast pumps tax deductible WASHINGTON - The Internal Revenue Service says the cost of breast pumps will now be considered tax deductible medical expenses.

• The Commercial Appeal (2007-Current)
• February 14, 2011

• Amounts paid for qualified long-term care services are deductible medical expenses.

IRC section 213(d)(1)(C) allows taxpayers the medical expenses deduction for costs of long-term care services beginning in tax year 1997. IRS Notice 97-31 contains temporary guidance rules regarding long-term care contracts and for determining qualifications of services. The rules require services to be provided to chronically ill individuals by nonrelated persons.

• The Tax Adviser
• Vol. 29 Nbr. 5, May 1998

• Health Cost Balancing Act Families Struggle to Keep Up with Medical Debt Amid Out-of-Pocket Expenses, High-Deductible Plans

Patricia Gestner saw decades of thrift -- the savings bonds that her late husband bought every other week in increments of $100 and $200 -- lost to medical bills. Each month, Gestner, 64, sends $400 to Beloit Memorial Hospital.

• The Milwaukee Journal Sentinel
• October 30, 2008

• Rev. Proc. 2008-72

announces 55 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 24 cents as the optional rate for use of an automobile as a medical or moving expense for 2009. The procedure also provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes.

• United States. Internal Revenue Bulletin
• September 02, 2009

• Hsa Insurance Plans See Rapid Increase

INDIANAPOLIS (AP) -- Enrollment in high-deductible health insurance plans that can help consumers save for medical expenses climbed 14 percent this year and has jumped 87 percent since January 2008, according to the trade association America's Health Insurance Plans. A total of 11.4 million people had enrolled in high-deductible plans that are eligible for health savings accounts as of January. That compares to 10 million people in January 2010 and 6.1 million people at the start of 2008.

• Columbia Daily Tribune
• June 21, 2011

• Rev. Proc. 2007-70

announces 50.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 19 cents as the optional rate for use of an automobile as a medical or moving expense for 2008. The procedure also provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical or charitable purposes.

• United States. Internal Revenue Bulletin
• August 21, 2009

• Recession Spurs Record Food Stamp Use

In Montana, families with gross incomes up to 185 percent of the federal poverty level may now qualify for SNAP/food stamps if certain deductible expenses, such as utility bills, child care and medical expenses reduce the family's net income to 100 percent of the federal poverty level, which is $22,050 a year for a family of four. Because those families are considered "categorically eligible," their personal assets--such as savings and investments--are not considered in determining their eligibility.

• Billings Gazette, The
• September 09, 2009

• Moneywise: Save a Bundle by Deducting Medical Costs

These days, we're all looking for a port in the economic storm. Consumers whose incomes have dropped are especially looking for money-saving ideas. One source that sometimes goes untapped is deductible medical expenses. On that note, a Torrance reader asked the following: Question. Last year was a banner year for my wife and me, in the negative sense. We spent $6,970 on medical things - not just the $3,330 in co-payments and deductibles but a bunch of extra uncovered expenses. Those included a second pair of glasses for both of us, my wife's weight-loss program, home help when I was recovering from my knee surgery, and multiple minor expenses. What can we deduct from taxes? And when does it make sense to add up all those items? Our income is $84,000 before taxes.

• Press Telegram
• April 06, 2009

• Rev. Proc. 2005-78

announces 44.5 cents as the optional rate for deducting or accounting for expenses for business use of an automobile, 14 cents as the optional rate for use of an automobile as a charitable contribution, and 18 cents as the optional rate for use of an automobile as a medical or moving expense for 2006. Special rates apply to the charitable use of an automobile for the provision of relief related to Hurricane Katrina. The procedure also provides rules for substantiating the deductible expenses of using an automobile for business, moving, medical, or charitable purposes.

• United States. Internal Revenue Bulletin
• August 06, 2009