Tax time: Can you deduct medical expenses?

Tax time: Can you deduct medical expenses?

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If you haven't tackled those taxes yet, we've got some information you want to know.  It's a complicated maze trying to sort out what you can deduct and what you can't, but if you're wondering about deducting medical expenses, we can help.  

Oxygen Financial Services is a full-service financial planning group.  Their experts know the ins and outs of the taxman's ever-changing rules.  One of those experts, Van Pappas, told FOX 5 a whole lot of expenses are included in medical deductions, like mileage to and from appointments.  

Pappas reminds you those medical deductions are for all qualified members of your family.  He also says you can deduct your insurance premiums for medical or long term care insurance.

But here's the catch:   You can only deduct medical expenses that exceed 7.5% of your adjusted gross income.  So, if you're making $100,00 a year as a family, your medical receipts over $7,500 can be deducted.

Sounds like a lot, right? But don't forget that even a year's worth of co-pays count.  When you break it down, it starts to tally up.

If you think you have enough medical expenses to consider, go to the IRS's website.  It's explained there.  If you're seeing an account this tax season, but sure to ask about this.

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