Know your deductions
Learn what expenses, such as medication and cost of care, you may be able to deduct this tax season.
by Marcella Durand
As tax time approaches, people with multiple sclerosis should be aware of a range of medical and business deductions that they may be able to take. Be sure to consult a tax professional for detailed advice specific to your individual situation.
You may be able to deduct out-of-pocket, unreimbursed medical and dental expenses that exceed 10 percent of your adjusted gross income. You can only deduct expenses that you paid for in 2013, regardless of when the service was provided. You may also be able to include medical expenses for your spouse or dependents.
Impairment-related work deductions
People with disabilities can also take impairment-related deductions for expenses that are necessary for them to work. Unlike medical expenses, there is no minimum threshold these expenses must meet before you can deduct them. Examples include the cost of a magnifier that you use to do your work because of MS-related vision issues, or modifications to a vehicle that you use to get to work.
Get ready for next year’s taxes by saving and organizing any medically related receipts or impairment-related work expenses as they come in. And remember to call a tax professional for help with your specific concerns.
Marcella Durand is a writer and editor who lives in New York City.