For purposes of itemizing your deductions, the Internal Revenue Service (IRS) defines medical expenses as the costs of diagnosis, cure, mitigation, treatment, or prevention of disease, and the costs for treatments affecting any part or function of the body. Medical care expenses must be primarily to alleviate or prevent a physical or mental defect […]
Did you purchase goods or services to aid the business that you worked for during the year? If so, did your employer reimburse you for this out-of-pocket expense? If not, you may be eligible to deduct these costs (hereinafter referred to as Unreimbursed Employee Expenses) as an itemized deduction on your income tax return. Read […]
Among the itemized deductions on Schedule A of IRS Form 1040, you will find “Interest You Paid.” As you get your records together for tax preparation, you should realize that not all interest can be deducted on your return. Interest paid on credit cards and assets held for personal use generally isn’t deductible, for example. […]
