Medical Expenses Tax Deduction

Claiming the Medical Expense Tax Deduction

Tax Deductions

The good news for self-employed taxpayers is that medical expenses may be tax deductible, but it's important to understand the rules that apply.

TRAVERSE CITY, MI, US, November 16, 2023 /EINPresswire.com/ -- Self-employed individuals often face unique challenges when it comes to tax deductions. One of the most common questions they ask is whether they can deduct their medical bills from their taxes.

The good news for self-employed taxpayers is that medical expenses may be tax deductible, but it's important to understand the rules that apply.

For the tax years 2023 and 2024, the IRS has updated the rules for self-employed individuals regarding tax deductions for medical expenses. Starting in 2023, the deduction value for medical expenses varies because the amount changes based on your income.

The IRS allows all taxpayers to deduct their total qualified unreimbursed medical care expenses that exceed 7.5% of their adjusted gross income It's important to note that the new limit applies only to taxpayers who itemize their deductions.

Another important point to keep in mind is that not all medical expenses are tax deductible. Some of the medical expenses that may be tax deductible include doctor's visits, hospital stays, prescription medications, and medical equipment.

Additionally, self-employed individuals may be able to deduct premiums for medical insurance, long-term care insurance, and dental insurance.

In conclusion, the new tax laws for 2023 and 2024 offer increased tax deductions for self-employed individuals with medical expenses. However, it's important to understand the rules that apply and to keep accurate records of all medical expenses.

If unsure whether medical expenses are tax deductible, it's always a good idea to consult with a tax professional who can guide you through the process. To learn more, visit https://americantaxservice.org/how-to-determine-medical-expenses-tax-deductible/

Frank Ellis
Harbor Financial
email us here
Visit us on social media:
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.