FYI: Medical expenses and taxes

zamanmichelle
on 4/20/04 5:18 am - Danville, KY
I was just reading a member profile and it helped to remind me about some tax information you may or may not be aware of: Medical mileage: You are allowed a 12 cent/per mile for mileage. You must document this mileage...we often tell our clients to keep a little pocket calendar in the car and jot down the mileage on that for their records. But an example would be like: I drive to Lexington to see the Dr. It is 47 miles from work to the Dr.s office and 47 miles back. That's 94 miles round trip. 94 x .12=$11.28 for one trip. This really adds up to tax savings, especially for those of us who aren't in the high income tax bracket. Please remember that medical only helps if its more than 7.5% of your adjusted gross income: Example a family whose adjusted gross income of $20, 000.00 would need to be more than $1500.00 to help with itemizing...with this type of surgery it can really add up, so keep your receipts and keep track of your mileage. Hope this has helped someone...M
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