Health Insurance Allen Texas TX
Reader’s Question:
I contribute to my health insurance coverage at work in Allen Texas TX. My deductibles and co-pays keep escalating. Some of these expenses must be tax deductible. Would appreciate your thoughts on these tax deductible issues in the context oh health insurance.
Helen
Allen, TX
Hi Helen,
There are tax deductions for certain health expenses and for health insurance premiums. You should consult with your health insurance agent in Allen Texas TX and with your tax advisor. You should begin by compiling all health care expenses. You should include contributions to your health care insurance. As with all deductions, save and itemize all receipts.
If the cost of your health insurance and all other health care expenses exceed 7.5% of your adjusted gross income, you may deduct the excess. These savings can be substantial and will greatly help with your living expenses in Allen Texas. Deductibles, co-pays and prescriptions are included in your list of deductible itmes.
Record your health transportation mileage in Allen TX. Travel to and from hospitals and physician visits can be calculated at 0.10 per mile and is usually deductible. Eye wear and dental expenses can be added to your health insurance expenses to increase your tax deductions. Your itemized journal should contain all relevant information. Your health insurance agent in Texas TX can help build your list but you should review all your records with your tax advisor before declaring the deductions.