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Is Home Care Tax Deductible? What You Need to Know

[01] Many medical care expenses are deductible, as outlined in IRS Publication 502. The cost of certain nonmedical home care services may be deductible if a doctor determines they are medically ... read more

A ghostbuster, toys, and other weird tax deductions people try to claim

With the April 15 tax deadline closing in, let’s discuss deductions. I’ve attended my fair share of multilevel marketing presentations where some “expert” claims you can turn a vacation into a ... read more

Is Independent Living Tax Deductible?

It's the portion of the bill that goes towards qualifying medical expenses, found in IRS Publication 502, that's deductible. Independent living communities don't offer medical care that would qualify. read more

Unusual Medical Tax Deductions You May Not Know About

You can also deduct expenses for food, grooming, and veterinary care, according to IRS Publication 502, Medical and Dental Expenses. These tax deductions are allowed only for a recognized service ... read more

The ultimate medical expense deductions checklist

For a complete list of deductible medical expenses, see IRS Publication 502. One of the most important things to know about deducting medical expenses is you have to itemize deductions on Schedule ... read more

The Most Overlooked Tax Deductions

"Publication 502, Medical and Dental Expenses." Internal Revenue Service. "Topic No. 502 Medical and Dental Expenses." Internal Revenue Service. "IRS issues standard mileage rates for 2023 ... read more

About Health Savings Accounts (HSAs)

IRS Publication 969 – Health Savings Accounts and Other Tax Favored Plans IRS Publication 502 – Medical and Dental Expenses Including the Health Coverage Tax Credit A Health Savings Account (HSA) in ... read more

Fidelity Health® Report: Total Assets in Fidelity Health Savings Accounts Hit Record-High $24 Billion

Fidelity Investments ® today reported substantial growth in the number of Americans taking advantage of health savings accounts (HSAs), with a 19% increase in funded HSAs year-over-year. This comes as ... read more

Paying a mortgage? These tax breaks can save homeowners thousands

If the improvement raised the fair market value of your property, however, you have to deduct the amount of that increase from your deduction. You can find more information on IRS Publication 502 ... read more

What to Know About Medical Expenses and Your Tax Deductions: The Tax Letter

It includes: Among the costs that do not qualify as deductible medical expenses: For more details on these and other qualifying and nonqualifying medical expenses, see IRS Publication 502 ... read more

Are Nursing Home Expenses Tax Deductible?

Yes, some nursing home costs are tax deductible. The costs that can be deducted generally fall under medical expenses. However, it's important to understand that strict rules and restrictions apply. read more