Open enrollment for health insurance just ended on Sunday, February 15th. Now it is time to get your taxes done. I saw this great article by Kelly Phillips on Forbes online. I though you would enjoy. You can read the full article on the link below:
Carlos Samaniego
HealthCareTaxAdvisor
P.S. Need to make an appointment for your taxes call me direct at 909-570-1103 or make appointment right here on our website.
- Form W-2? Check.
- Forms 1099- MISC ? Check.
- Forms 1099-B? Check.
- Form 1098? Check.
- Receipts to support charitable deductions? Check.
- Receipts for medical expenses? Er, you might want to leave those at home.
Of all of the deductions in all of the tax world, medical expenses top the list of “tax breaks that you think you’re getting but you really aren’t.” And here’s why.
Statistically, the majority of taxpayers claim the standard deduction and do not file a Schedule A for itemized deductions. This is by design. For most taxpayers, the question of whether to itemize is purely financial: if your itemized deductions total more than the standard deduction, you would report those on Schedule A. For 2014, the standard deduction amounts are $6,200 for individual taxpayers or those taxpayers married filing separately; $12,400 for taxpayers married filing jointly or qualifying widow(er); and $9,100 for taxpayers filing as head of household.
Even if your itemized deductions are less than the standard deduction, you may choose to itemize. This isn’t very common but it may make sense because of your state tax return or because you are married filing separately and your spouse chooses to itemize. Whatever the reason, itemized deductions are still only claimed by about a third of all taxpayers. For 2012, the last year that data is available, just under a third of taxpayers itemized their deductions, or 46 million out of 145 million taxpayers who filed returns.
Read rest of article: http://www.forbes.com/sites/kellyphillipserb/2015/02/17/filing-your-tax-return-in-2015-you-might-want-to-leave-those-medical-receipts-at-home/