“Thought for the Day” #606 – by Stephen R. Elville, J.D., LL.M.

October 22, 2015

If you or your spouse have a disability, or if you care for a dependent with a disability, you may be able to qualify for one or more tax credits and deductions.  If you, a spouse or a dependent incur medical or dental expenses over the course of a year, you may be able to deduct them.  In general, if you are under age 65, you can deduct your medical or dental expenses that exceed 10% of your adjusted gross income.  People who are 65 and over can deduct expenses that exceed 7.5% of adjusted gross income.  For example, if your adjusted gross income is $50,000 and you have $10,000 of medical expenses, you can deduct $5,000.  (10% of $50,000 is $5,000, subtracted from $10,000 of total medical expenses to arrive at a $5,000 deduction).  There are many types of services that qualify as medical expenses, including Braille books, telephone equipment for the hearing impaired, guide dogs, some long-term care insurance premiums and hearing aids, just to name a few.