Jackson Hewitt(R) Weekly 'Tax Time Tip': Claim Eligible Medical Deductions for a Healthy Tax Return
PARSIPPANY, N.J., April 7 /PRNewswire-FirstCall/ -- As Americans assess the personal impact of the recently passed healthcare legislation, they should also consider the tax implications of their out-of-pocket medical expenses. Each year, there are over one billion visits to physician offices, hospital outpatient departments, and hospital emergency departments, according to the Center for Disease Control (CDC).* In many cases, these visits generate medical expenses that are associated with important tax credits and deductions for eligible individuals.
This Week's Tip: "If you kept track of your expenses, after insurance, for medical, dental and vision care for yourself, a spouse or a dependent, you may be able to deduct them on your tax return," said Mark Steber, chief tax officer, Jackson Hewitt Tax Service Inc. "With so many individuals personally paying for medical services out of their own pockets, it's important to alert your tax preparer to these expenses when filing a return."
Steber reminds taxpayers that most medical expenses can be deducted, including:
- Medical transportation expenses such as tolls, parking, and mileage for trips to health facilities, doctor's offices, laboratories, etc., or the actual fare for a taxi, bus, train, or ambulance to one of these locations
- Nursing home expenses that are primarily for medical care
- Medical aids such as crutches, canes, and orthopedic shoes
- Hearing aids, eye glasses, and contact lenses
- Hospital fees for services such as nursing, physical therapy, lab tests, and x-rays
- Equipment for disabled or handicapped individuals
- Part of the life-care fee paid to a retirement home designated for medical care
- The cost of alcohol and drug abuse programs, and certain smoking-cessation treatments
- Wages for nursing services
- Prescription drugs
- The incidental cost of meals and lodging charged by a hospital or similar institution if your principal reason for being there is to receive medical care
The following are examples of expenses that cannot be deducted:
- Expenses for general health, including trips or programs to improve general health
- Medicine purchased without a prescription (over-the-counter)
- Nutritional supplements, vitamins, and "natural medicines," unless recommended by a medical practitioner for a specific medical condition diagnosed by a doctor
- Prescription drugs a taxpayer brings in or orders from another country (generally)
- Illegal operations or treatments
- Surgery for purely cosmetic reasons
- Teeth whitening
- Weight-loss expenses not for the treatment of obesity or other disease
"Remember, you may deduct only the amount of your total medical care expenses for the year that exceed 7.5% of your adjusted gross income," added Steber.
Taxpayers are encouraged to visit www.jacksonhewitt.com to find helpful resources for medical and other commonly overlooked deductions and credits. To speak with a local tax preparer or find the Jackson Hewitt office nearest to you, call 1-800-234-1040.
* http://www.cdc.gov/nchs/data/hus/hus09.pdf#080
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with more than 6,300 franchised and company-owned offices throughout the United States, is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. In addition, an online tax preparation product, Jackson Hewitt® Online, is available at www.jacksonhewittonline.com. The company is based in Parsippany, New Jersey. More information may be obtained at http://www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service® office nearest to you, call 1-800-234-1040.
Contact: |
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Melissa Connerton |
Stephanie King |
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CooperKatz & Company |
CooperKatz & Company |
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917-595-3039 |
917-595-3055 |
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SOURCE Jackson Hewitt Tax Service Inc.
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