I am going to start a series of general tax deductions everyone should be aware of in the next few weeks. I plan to start in itemized deductions and then work into business deductions as an independent contractor. Today I am going to start at the top and over the next couple of days work through medical deductions.
Always remember that all medical deductions are subject to an adjustment based on 7.5% of your adjusted gross income.for 2011. This means that you add up all of your medical deductions, then reduce them by 7.5% of AGI; the balance you can deduct as an itemized deduction.
Tomorrow I am going to talk about medical insurance deductions, both for individuals and the self employed.
Call me at 818-317-6035 or email me at bstonercpa@sbcglobal.net if you have any questions.
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