Senate Finance Committee Chairman Max Baucus has released a detailed proposal for international corporate tax reform, which we summarized earlier this week. While there are some improvements to current law, the proposal...
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- Being Sick Ain't All Bad
Being Sick Ain't All Bad
The era of medical house calls is, for all intents and purposes, dead. And in most cases, medical insurance does not cover expenses for getting to and from visits to your doctor. Nor does it usually cover a trip to the pharmacy—but Uncle Sam does. Granted, these deductions may only be taken to the extent they exceed 7.5 percent of one's adjusted gross income (AGI). But it's something—especially for the chronically ill.
If you run into illness during flu season, take solace in the fact that the federal government has you partially covered; medical travel costs are deductible expenses. And boy are these costs broadly defined.
All that is required is that the costs of travel be related to diagnosis, cure, mitigation, treatment, or prevention of disease. You may even deduct travel for any treatment that affects any part or function of your body.
In other words, it essentially covers anything.
So whether you just have the flu or are fighting a battle with a chronic disease, by all means keep good records of your expenses for medical-related travel. When 7.5 percent of your AGI is exceeded, it will be worth the effort.
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