Medical Expenses

Lower your tax bill with medicare premiums

Tax Bill Medicare: Americans who are 65 and older automatically qualify for basic Medicare insurance. They may need to pay additional premiums to get the coverage they desire. Premiums can be expensive, especially if you’re married and both you and your spouse are paying them. However, if you qualify, they may help lower your tax bill. Premium tax deductions You can combine premiums with other qualifying health care amounts. This is to … Read more

Should you “bunch” medical expenses into 2015?

Should you “bunch” medical expenses into 2015? Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) may be deductible. Though generally only to the extent that they exceed 10% of your adjusted gross income. Taxpayers ages 65 and older can enjoy a 7.5% floor through 2016. The floor for alternative minimum tax purposes, however, is 10% … Read more