Toothache? Backpain? See Your Doctors as Part of Year-End Planning
Got a toothache? Need more prescriptions? When you move up your medical appointments to before year-end, you may also increase your tax refund. That makes a visit to your dentist, eye doctor, or medical doctor a tax wise strategy at year-end.
For 2013, the claim for total medical expenses is reduced by 3% of the claimant’s net income (or the dependant’s net income if you are claiming expenses for other dependants) to a maximum of $2,151.
To get the best results on the 2013 tax return, medical expenses can be claimed for any consecutive 12-month period ending in 2013. This 12-month period can be chosen, so include expenses from two calendar years so as to maximize the claim. That means you could claim receipts from November 2012 to October 2013 on this year’s return, for example.
Consider increasing your medical expense claims this year by taking advantage of one or more of the following eligible medical expenses prior to December 31:
· Eye and ear doctor appointments
· Therapeutic massages
· Purchase of glasses, contact lenses, hearing aids and their batteries, incontinence products, travel insurance premiums, and alterations to vans used to accommodate a wheelchair
· Purchase of travel insurance for your holiday trip abroad
· Private health insurance premiums paid should be gathered and added in. . .check your pay stubs.
Also note that any outstanding balances for pharmacy, dental or other medical bills should be paid by December 31 in order to make an eligible claim this year.
Everyone has medical expenses in the family. . .make them count by keeping receipts and timing expenditures to maximize refunds on the 2013 return.