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Capitalize on medical tax breaks to make care more affordable
If you, your spouse or your dependent (child or elderly parent) require qualifying medical care, you can take tax deductions on all expenses over 10% of your Adjusted Gross Income. Qualifying medical care includes:
Disabled dependent care expenses. This includes expenses incurred for care of a disabled spouse or dependent parent.
Long-term care services. Long-term care services that are necessary, preventative, therapeutic, treating, rehabilitative services and maintenance & personal care services all qualify if they are required for a chronically ill individual and are provided pursuant to a plan of care prescribed by a licensed healthcare practitioner.
Nursing services. Wages paid for nursing services are considered medical expenses. The services need not be performed by a nurse as long as the services are of a kind generally performed by a nurse.
For more information on medical tax breaks, please refer to IRS Publication 502 or consult an income tax professional.
Next: Health Insurance Tax Credit
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