Medical and Dental Expenses

Because your out-of-pocket medical and dental expenses can impact your taxes, keeping good records during the course of the year is important.  Taxpayers can claim medical expenses paid for in 2016 if they itemize deductions of their federal tax return--meaning the taxpayer has determined overall deductions are larger than the standard deduction.  For 2016, the standard deduction for married filing jointly is $12,600 and $6,300 for individuals.

Qualifying Expenses:  Most medical and dental costs paid out-of-pocket, including insurance premiums, can be deducted.  Long-term care insurance, in some cases, may also qualify.  For those instances where you are traveling longer distances for health care, keep track of the mileage.  The 2016 medical rate is 19 cents per mile.

Note:  You cannot claim deduction for expenses already covered from a Health Saving Account or Flexible Spending Arrangement.

Call our firm at 815.842.1112 to set up your tax appointment today.  We can and will guide you through your medical itemized deductions as well as other deductions for which you may qualify.