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Article: Plan now for 2007 tax deductions.(CHEAP TRICKS)
- Article from:
- Momentum
- Article date:
- December 22, 2007
- Author:
CopyrightCOPYRIGHT 2007 National Multiple Sclerosis Society. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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If you're lucky enough to have great medical insurance coverage, you're still likely to have considerable out-of-pocket costs for MS that insurance won't cover. If you're not so lucky, your unreimbursed medical costs really mount up. This article will guide you on deducting some of them. To get every deduction you can and protect yourself so you'll breeze through if you get audited, you need to understand basic tax rules, take some planning steps, and keep records.
Deducting medical expenses generally
To get a deduction, your payments for medical or dental bills have to be, according to the IRS, "primarily to alleviate physical or mental defects or ...