If you are a member of a group medical insurance plan and you pay all or a portion of the premium through payroll deductions, those premiums may qualify as medical expenses for the medical expense tax credit.
Other commonly overlooked medical expenses include:
- Co-payments or non-reimbursed portions of medical expenses
- Dental bills
- Certain attendant care expenses for persons with disabilities
- Certain transportation expenses
- Certain renovations to make your home more accessible (such as a wheel chair ramp)
If you are unsure of whether an expenditure qualifies, contact your accountant to discuss the matter. If you are planning on making a large expenditure, discuss the matter with your accountant do that you fully understand the availability of the tax credit.
There are other opportunities to reduce your tax bill with the medical expense tax credit by taking advantage of the timing of your expenses and by combining family expenses.
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If you would like to have us prepare your personal income tax, please give a call at (289) 288-206 or email us to arrange your appointment. If you are out-of-town, you may take advantage of our tax-by-email or tax-by-fax services.Print This Post