Medical expenses can rarely be taken on Schedule A due to the 7.5% of AGI limitation, but through your company's cafeteria plan, you can fully deduct your medical expenses from your W-2 wages.
The only catch is that if your unreimbursed medical expenses for the year are less than what you set aside from your wages, the difference is forfeited.
The definition of what constitutes qualified medical expenses is very broad so make sure to visit your dentist, optometrist, acupuncturist, chiropractor, etc. in December if you haven't used up all of your current year medical expense contributions.
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If you want the best in tax advice please see my blog at
LarryLaveTaxman@blogspot.com or email me
LarryLaveTaxman@gmail.com
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If you want the best in tax advice please see my blog at
LarryLaveTaxman@blogspot.com or email me
LarryLaveTaxman@gmail.com
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