Are You Including all Your Medical Expenses in Your Tax Deduction Calculation?

KRD writes: Take the time to evaluate medical expenses that may allow you to surpass the threshold for a tax deduction.   Although there are several medical deductions, this may be a few ideas that may not be on your radar for deductible expenses.

Eyeglasses/Contacts:  Not only can you include the amounts you pay for eyeglasses and contact lenses needed for medical reasons, you can also include the cost of equipment and materials required for using contact lenses, such as saline solution and enzyme cleaner.

Hearing Aids-including maintenance:  Include the cost of a hearing aid as well as the batteries, repairs, and maintenance needed to operate it.

Chiropractor:  You can include in the medical fees you pay to a chiropractor for medical care.

Transportation:  
Include transportation primarily for and essential to, medical care.

• Bus, taxi, train, or plane fares or ambulance service.
• Car expenses. You can include out-of-pocket expenses, such as the cost of gas and oil, when you use a car for medical reasons. You cannot include depreciation, insurance, general repair, or maintenance expenses.  (Compare the standard medical mileage rate to the actual costs for the best option).

New Tax Law for 2013 Medical Deductions:  For 2013, you can claim deductions for medical expenses not covered by your health insurance that exceed 10 percent of your adjusted gross income (AGI).  This is an increase from the 7.5% threshold for 2012.  Note, however, for individuals or their spouses age 65 and older in 2013 there is a temporary exemption from January 1, 2013 to December 31, 2016 where the threshold remains at 7.5% of AGI.  Unfortunately, if you turn 65 in 2014, this exemption does not apply to you.

As Always, Keep Good Records:

• The name and address of each medical care provider you paid, and
• the amount and date of each payment.
• And statements or itemized invoices