![]() ![]() You may only deduct medical expenses to treat a specific physical or mental disability or illness, not if the expense is intended to improve your overall health (such as vitamins). ![]() Qualified long-term care insurance premiums.Transportation to and from medical facilities for treatment.Costs of needed equipment, supplies, and diagnostic devices.Costs for diagnosis, treatment, mitigation, cure, or prevention of a disease.Medical services provided by a physician, surgeon, dentist, or other medical practitioner.Deductible medical expenses include, but are not limited to: Medical expenses are deductible to the extent they exceed 7.5% of your gross adjusted income. If you volunteer for a qualifying charity, you may also receive a charitable deduction for any out-of-pocket expenses you incur in carrying out your work for that organization. Any other organization that qualifies as tax exempt under Internal Revenue Code Section 501(c)(3).A federal, state or local government (only if your gift is for public purposes such as to maintain a public park or reduce a debt held by the public).A church, synagogue, temple, mosque, or other religious organization.To get a deduction for a charitable contribution, the organization receiving your gift must qualify as one of the following: You should review these with a qualified accountant before filing. Tax evasion is punishable by fines and even imprisonment.įollowing is a brief overview of some of the deductions that you are permitted to take on your tax return. may subject you to prosecution for tax fraud. Note that any illegal attempt to reduce your tax bill by making false statements, failing to pay tax due, and/or filing a fraudulent return, etc. The IRS warns taxpayers not to overstate their tax deductions in this year’s IRS Dirty Dozen Tax Scams list.Įvery year there are taxpayers who try to reduce their tax bill by overstating tax deductions or claiming tax credits to which they are not entitled. #12: Abusive Tax Shelters, Trusts, and Conservation Easements.#9: Improper Claims for Business Credits.#5 and #6: Inflating Tax Refunds and Falsifying Income.#4: Tax Preparer Fraud – The Ultimate Deception.#2: Phone Scams Getting More Sophisticated. ![]()
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