A chance of showers and thunderstorms in the morning. Windy and less humid with highs in the upper 60s. Southwest winds 15 to 25 mph with gusts up to 35 mph...Becoming west 25 to 30 mph with gusts up to 45 mph in the afternoon. Chance of rain 50 percent.
Tax relief can offset these costs by allowing you to lower your tax burden so that you pay less income tax. Can You Deduct Medical Expenses? Yes, you can claim medical expenses on taxes. The IRS permits you to deduct the portion of your medical expenses that exceed 10 percent of your adjusted gross income. The threshold is 7.5 percent if you or your spouse is 65 or older. How to Calculate Your Tax Deduction for Medical Expenses
More than a few people are surprised to learn that a portion of the cost of their medical and dental expenses can be subtracted, or deducted, from their adjusted gross income. However, on your 2012 taxes, only medical and dental expenses that meet the governmentâs minimum required amount, which is anything above 7 Â½ percent of your adjusted gross income (AGI), are eligible. In other words, if your medical expenses arenât equal to or greater than 7 and a half percent of your income, you canât claim them as tax deductions. Of course, these expenses can only be deducted from your income if you itemize your tax deductions instead of taking the standard deduction. Whose Expenses Can Be Deducted? Whether youâre a first-timer in the medical deductions arena or a seasoned veteran, itâs important to know exactly whose medical expenses can be deducted from your ...